## 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: 

- To secure for the benefit of the community high technical standards of design, manufacture, construction, maintenance, operation and performance for the purpose of enhancing the safety of life and property at sea, on land and in the air. 

- The advancement of public education, including within the transportation industries and any other engineering and technological disciplines. 

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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:** 

- Harm is reduced and prevented for those working in growing maritime economies. 

- Everyone across the maritime system is motivated to work together towards an ocean economy that keeps people safer on land and at sea. 

## **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:** 

- New technologies and methodologies are developed and used safely within broader engineering practices, without causing harm elsewhere. 

- Critical infrastructure is resilient and fit for purpose to meet the changing needs of society. 

## **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: 

- The Maritime Just Transition Task Force contracted with the Decarb Hub to deliver training frameworks and a competency study to support the safe uptake of ammonia as a zero-carbon marine fuel. Acting as Technical Lead, the Decarb Hub defined the competencies and integrated them into the framework. The framework and competencies were presented at the IMO and adopted by the IMO’s Standards of Training, Certification and Watchkeeping (STCW) convention that will impact all seafarers. 

- The Decarb hub supported Zero Emissions Maritime Buyers Alliance’s (ZEMBA) inaugural tender, the first-ever collective multi-year offtake commitment for near-zero GHG shipping (Greenhouse Gas emissions from the 

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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. 

- It advanced consensus building through initiatives like the Silk Alliance, which fosters industry-wide collaboration in implementing green corridors. The Maritime Fuel Supply Dialogues, a Lloyd's Register (LR) Maritime Decarbonisation Hub initiative for Asia Pacific and Africa, and the European Commission's Fuel EU Maritime Regulation, which aims to reduce emissions from shipping, was launched to connect energy and transport ministries in Asia-Pacific and Africa, building momentum for green hydrogen supply chains, creating local jobs, and exploring government-backed strategies to boost fuel demand and market growth. 

## **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. 

2. **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. 

3. **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:** 

- Development of skills for safety, knowledge, leadership, and processes where they are most needed. 

- The numbers and diversity of engineers, and those in engineering-related professions, are increased, especially in sectors and geographies where we can have the most impact. 

## **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:** 

- Growing the Foundation’s capability and reputation as a trusted source of safety, evidence, and insight; 

- Global safety evidence and insights are generated and openly shared; 

- Evidence is used to inform decision making, fill knowledge and data gaps, and lead to safer outcomes. 

## **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: 

- **Unique data source** – the Poll is recognised for generating high quality data on global risk perceptions. 

- **Geographical and thematic coverage** – the Poll covers a wide range of countries, including low and middleincome countries, providing valuable data where it is often scarce or non-existent. The Poll is often the only data source, and its global nature allows for benchmarks, that even collects data from countries where data is not collected, meaning it can provide a global picture. 

- **Robust methodology –** the benefits of face-to-face interviews, in regions where other survey methods may face logistical/technological challenges, were of particular note. Each of the case studies included in the evaluation underscore the robustness of the Poll’s methodology. 

- **Shared and widely used** with opportunities for further growth of the user base **.** 

   - Wide user engagement – data is used by academics, international organisations, and NGOs. 

   - Users appreciate the Poll’s ability to provide robust data that supports evidence-based policy development as demonstrated by the UN Office for Disaster Risk Reduction (UNDRR). 

   - The Poll has influenced strategic planning and communication strategies for organisations like the UNDRR and the Organisation for Economic Co-operation and Development (OECD). 

   - Findings are shared in various engaging formats through different channels, including reports, an interactive data explorer and downloadable datasets. 

   - The Poll has contributed to raising awareness and understanding of global risks. 

   - The Poll helps the Foundation grow its reputation as a leader in safety. 

## **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: 

- Safe Work, particularly in ‘high hazard’ industries, building on insights from the World Risk Poll. 

- Safety Science, i.e. knowledge about risk and safety related issues more broadly, and how to assess and manage them. 

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:** 

- The Foundation’s heritage archive, library and assets are maintained and open to the public to promote learning and education. 

- Maritime heritage is mobilised as a driver for change. 

- Perspectives on maritime heritage are widened to learn from the past. 

## **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: 

- With £10,000 in funding from the Foundation, the Global Network for Derisking Mine Electrification completed a project on building a global network to de-risk mine electrification. They engaged communities and professionals across the globe through 128 educational events, a brand-new resource hub website, and multilingual safety guidelines aimed at making electric mining safer and more sustainable. They have built strong partnerships, created space for critical discussions, and contributed to safety standards in development – an indicator of how seriously their work is being taken in the sector. 

- With a small grant from the Foundation, Aston University completed a project to find innovative ways of embedding inclusive engineering thinking into student learning and design processes. The focus was on ensuring future engineers are equipped to create safer, more accessible environments from the outset of a project. Delivery included a series of student workshops in partnership with industry (e.g. Heathrow, Microsoft). The project resources will be embedded in a new interdisciplinary module reaching 1,500 undergraduates annually, with plans for wider sector use, providing strong foundations for long-term impact across engineering education and practice. 

- A small grant enabled Transaid, in partnership with North Star Alliance, to lead a project aimed at improving road safety awareness and health seeking behaviour among long-distance truck drivers near Mombasa port, Kenya. The project expanded its reach by increasing the number of Roadside Wellness Clinics (RWCs) from one to two. Through face-to-face sessions and factsheet distribution, the project directly engaged 1,795 drivers, while digital outreach extended its impact to an estimated 5,000 drivers across the country. Strong collaboration with local transport associations helped create and share culturally relevant materials. 

- A small grant awarded to The Safe and Sustainable Composite Yacht and Ship Structures project, led by Aston University (UK) and Mokpo National Maritime University (South Korea), has successfully identified commercially viable sustainable composite materials for shipbuilding. Findings are set for peer-reviewed publication in 2025, and a proposal for ISO 12215 revisions is ready and awaiting formal review. 

- One of the Foundation’s small grants supported the Ocean Innovation Match Maker Initiative which aimed to connect ocean science projects with philanthropic funding to support the UNESCO Decade for Ocean Science (2021–2030). As recorded in the final impact report, the grant helped build a proof of concept which was presented at the Ocean Decade side event in Barcelona. The Ocean Matcher platform was launched at the United Nation Oceans Conference in Nice in 2025. 

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- In late 2023, the Foundation awarded a small grant to Sea Shepherd Global to develop and expand its programme sponsoring female maritime cadets from Africa onboard its MY Age of Union and Ocean Warrior vessels. This year, four cadets completed three months of sea-time, a significant step towards their required 12 months for the Certificate of Competency onboard Sea Shepherd’s vessels, combatting illegal fishing in Africa. The project has been a huge success, with two of the four cadets sponsored deciding to stay with Sea Shepherd Global as paid crew members, and a third to return later to complete her cadetship assignment. 

- The Foundation awarded a small grant to Raybel Charters for the “Sail Cargo to London” project aimed to explore and develop the sail cargo market in London and the Thames Estuary. The project aimed to identify barriers and opportunities, create a sustainable coalition of sail cargo partners, and develop marketing initiatives based on public perception. The research engaged a wide range of stakeholders, including ship owners, estuary authorities, ethical food businesses, and customers and the findings have allowed Raybel Charters and its partners to further integrate sail cargo into the supply chain, contributing to broader sustainability and carbon reduction goals. 

- University College London was awarded a small grant to design and build a prototype of an open-source, selfinflating buoyancy aid tailored for Indonesian fishing communities. A series of in-country workshops positively impacted the perception of safety among Indonesian fishers. The project has led to new collaborations, including a potential partnership with Kenya, and inspired students and local stakeholders to further engage in maritime safety initiatives. A dedicated website was also launched to share designs and guidelines with a broader audience. 

## **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: 

- Hosting an official side event, focusing on why engineering is critical to a safe ocean economy and were joined by fantastic speakers from UNESCO Ocean, the Royal Academy of Engineering, the World Economic Forum, LR Group and many others. The focus of the event was to make engineering more central to the next UN Ocean Conference, which will be hosted in Korea in 2028. 

- Launching our pioneering new network of global Ocean Centres, in partnership with the United Nations Global Compact, marking a major step forward for ocean sustainability 

- Thomas Thune Andersen represented the Foundation during one of the World Economic Forum’s flagship events ‘Accelerating the transition of industrial clusters to nature and people positive outcomes’ 

- Launching the ‘Malta Manifesto’ - an urgent call to prevent catastrophic damage to coastal communities and marine life caused by polluting war wrecks. 

- Publishing our 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. 

## **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: 

- Establishing the Lloyd's Register Building as an iconic destination for thought leadership, as the home of our historic archive, library and heritage assets, and implement arrangements to open our heritage assets to the public. 

- Build strong partnerships with academic networks to focus on decarbonisation and digitalisation of shipping. 

- • Strengthen the Foundation’s evidence capability through the Global Safety Evidence Centre, which will also lead the next iterations of the Lloyd's Register Foundation World Risk Poll - the first and only global study of worry about, and harm from, risks to people’s safety. 

- Take a locally led approach as part of our strategy through building networks to support local maritime economy networks in Brazil, Ghana, Kenya, India, Bangladesh, the Philippines, and Indonesia. 

- Through our communications we will continue to show the impact the Foundation is having as a global safety charity through the creation of compelling and engaging content. 

- Continue the Foundation’s digital transformation with the integration of our new CRM and grants management system. 

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**<br>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**<br>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<br>nature as noted on page 52.|At each Board meeting, the Foundation Chief Executive provides an update on the activities of the<br>Foundation and the Chief Operating Officer reports on the financial and operating performance.<br>There is also a report on the activities of the Grants and Direct Charitable Activities Committee and<br>a presentation by the beneficiaries of one of the Foundation’s large grants on their activities.<br>During the annual joint boards’ site visit, Trustees meet with beneficiaries of the Foundation’s<br>grants wherever possible.<br>Trustees are invited to events connected with the activities of the Foundation.|
|**How the Board has taken account of these interests / Outcome**<br>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<br>and charitable purpose.||



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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. 

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## 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: 

- Financial investments: a portfolio of listed and other investments; and 

- A Social Investment: 100% ownership of the unlisted shares in the immediate subsidiary company Lloyd’s Register Group Limited (“LR” or “the Trading Group”). 

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

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## **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 

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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: 

- classification, certification and compliance of over 9,000 LR in-service vessels and over 30,000 vessels using the Ocean platform; 

- advisory and training encompassing multiple global technical and advisory committees and publication of Global Maritime Trends 2050; 

- the Foundation-funded Maritime Decarbonisation Hub; 

- setting unique rules information for maritime-related assets, pro bono and charity work; 

- broader influence such as secondees from LR into the Foundation and onto the High-Level Climate Champions Team and the UN Global Compact. 

## **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. 

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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. 

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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 

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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. 

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## 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 

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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**|**Remuneration**1|
|---|---|---|---|---|---|---|
|||**Board**|**Charitable**5|**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. 

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## 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: 

- risks are evaluated using a combination of impact and likelihood; 

- each risk is evaluated at three points: the unmitigated (gross) risk score; the current (net) risk score considering all current controls; and the target risk score considering the impact of future mitigating actions; 

- each risk is categorised according to whether it is a strategic, operational or legal and compliance risk; 

- each risk has a risk sponsor and owner; 

- each risk is flagged as to whether it is being monitored or managed; 

- each risk has its own velocity score to assess the speed at which the exposure can impact the Foundation; and 

- a risk evaluation scale is used to ensure a common approach and consistency when assessing the impact and likelihood. 

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

- Board risk deep dives at every meeting; 

- Inclusion of the Foundation Risk Register in ARIC papers and the Board dashboard for every meeting; and 

- The Foundation's Risk Register undergoes regular updates, which are presented in a Risk Update paper at each ARIC meeting. 

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



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



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

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## 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 

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(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: 

- **Transition and physical risks of climate change:** Transition risks are linked to the shift towards a decarbonised economy, encompassing potential challenges related to policy and legal adjustments, technological developments, market conditions, and reputational impacts. Physical risks include flooding, rising temperatures, and water stress, which can directly impact business operations. 

- **Assessment across multiple time frames** : We evaluate risks across various time frames to determine their potential occurrence in the short term (2024-2027), medium term (2028-2037), and long term (2038-2052). The impacts of climate change go beyond traditional business planning horizons. The basis for the timeframes is summarised below. 

- **Exploring various climate scenarios:** Based on global responses to climate change, different warming pathways are analysed, with scenarios including below 2°C, 2-3°C, and above 3°C by 2100 to gain comprehensive 

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

- **International perspective:** LR is a truly global business, operating from 72 locations and serving clients in 182 countries. As such we have the potential to be impacted by a number of climatic perils due to the location of our offices and our clients. 

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



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



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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** 

- Description: New low-emission product and service lines 

- Timeline: Short -Medium Term (2024-2037) 

- Impact: New revenue streams 

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** 

- Description: Implementing energy-efficient technology across operations 

- Timeline: Short-Medium Term (2024-2037). Scenario Warming Pathway: <2°C and 2-3°C 

- Impact: Reduced operating expenses through improved energy 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: 

- Energy consumption year-on-year comparison: Tracks annual energy use and measures progress in reduction. 

- • Energy intensity year-on-year comparison: This measure measures energy efficiency by dividing total energy consumption by a relevant business activity unit (e.g., per employee or per project). 

## **3. Resilience** 

- Description: The business is currently well-adapted and positioned to deal with climate change. An increase in resilience is considered an opportunity due to the limited risks and significant opportunities discussed above 

- Timeline: Short -Medium Term (2024-2037). Scenario Warming Pathway: <2°C and 2-3°C 

- Impact: Developing an adaptive strategy 

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. 

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## **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: 

- Procurement 

- Business Travel 

- Company Cars 

- • Buildings 

Our footprint includes: 

- Scope 1: Consumption and emissions include direct combustion of natural gas and fuels utilised for transportation operations, such as company vehicle fleets. 

- Scope 2: Consumption and emissions cover indirect emissions related to the consumption of purchased electricity in day-to-day business operations. 

- Scope 3: Consumption and emissions cover emissions resulting from sources not directly owned by LR, i.e., purchased goods and services across our supply chain and grey fleet business travel undertaken in employeeowned vehicles only. These are emissions associated with a company’s entire value chain. 

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: 

- Onboarded a new data tool:  to support improved reporting and management of our carbon emissions. 

- Launched an electric vehicle salary sacrifice scheme for UK employees. 

- Launched a new ESG Dashboard, publicly reporting our performance against KPI’s to support transparency. 

- Continued monitoring of our sustainability performance to identify opportunities for increased energy efficiency across our office portfolio. 

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## **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<br>30th June 2025|12 months to<br>30th June 2024||
|Scope 1|Scope 1- Gas, lease car miles,<br>refrigerants|1,294|1,139||
|Scope 2|Scope 2 - location based<br>electricity consumption|835|842||
|Scope 3|Scope 3 (purchased goods and<br>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<br>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. 

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## 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: 

- so far as each Trustee is aware, there is no information relevant to the preparation of its report and the financial statements of which the Foundation’s Auditor is unaware; and 

- each Trustee has taken all steps a trustee might reasonably be expected to have taken to be aware of relevant audit information and to establish that the Foundation’s Auditor is aware of that information. 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. 

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: 

- Mr M Kelsey (Chair) 

- Mr T T Andersen 

- Mrs U O’Brien 

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: 

- Aim to ensure that the Foundation reward structure reflects best practice; 

- Provide advice to the Board of Trustees on the remuneration policy for the Foundation’s Chief Executive Officer and their direct reports; 

- Implement the remuneration policy in practice through determination of all aspects of the remuneration of the Foundation Chief Executive; 

- Approve the salary and bonus proposals and payments for the Foundation’s Chief Executive and review remuneration decisions with reference to the Foundation employee salary budget, including approval of the overall level of any annual pay increase applied in the Foundation; 

- Review and approve all changes to terms in pension scheme arrangements for the Foundation Chief Executive; 

- Review and advise upon the level of remuneration for senior direct reports to the Foundation Chief Executive; 

- Have oversight of the diversity and gender spread across the globe, insofar as it relates to remuneration matters of the Foundation; and 

- Oversee any major changes to remuneration strategy for the Foundation. 

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: 

- Our aim is to pay at the market median, but roles that need specific skills, specialisms or business experience may command a remuneration premium as a result of the value they add. 

- Reward and affordability align to efficient and effective delivery of the Foundation’s short and long- term strategies and priorities and will include links to the business performance of the Trading Group. 

- We recognise high performance by individuals and teams through the use of variable pay. 

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



- We believe in the principles of fairness and equality of opportunity in employment. We are committed to all our colleagues receiving equal pay for the same or broadly similar work, regardless of gender, ethnicity or other nonperformance related differences. 

- The remuneration of the charity’s key management personnel is set to: 

- provide a base salary designed to attract and retain key management which also reflects their level of responsibility and experience; 

- see that they are fairly and responsibly rewarded for their individual contributions; and 

- take account of competitive rates of total remuneration, based upon surveys of comparative organisations which are undertaken annually. 

## **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: 

- the review of the 30 June 2024 and 30 June 2025 Report and Consolidated Financial Statements and the Auditor’s Report thereon; 

- the reports of the investment fund managers and investment portfolio advisor; 

- the review of the risk register; 

- internal audit updates on risk incidents, grantee audits and ongoing actions; 

- the approval of the schedule of risk deep dives for presentation to the Board of Trustees; and 

- the annual review of the risk appetite statement. 

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. 

- Board succession planning; 

- Reviewing the composition of the Boards of the Group and the Foundation and making recommendations regarding the annual re-election of Board members and changes and new appointments of the Chairman, Trustees and Directors, to ensure an appropriate balance of skills, experience and diversity; 

- Reviewing the membership and operation of Board committees and making recommendations where appropriate; 

- Reviewing the succession of senior executive positions and making recommendations accordingly; 

- Identifying, nominating and recommending for approval of the Boards, candidates to fill Board vacancies; and 

- Making recommendations to the Boards regarding changes to the positions of Chief Executive and Chief Financial Officer of Lloyd’s Register Group Limited, and to the position of the Chief Executive of Lloyd’s Register Foundation. 

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’): 

- give a true and fair view of the state of the group and the parent charitable company’s affairs as at 30 June 2025 and of the group’s incoming resources and application of resources, including the group’s income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

We have audited the financial statements which comprise: 

- the Foundation statement of financial activities (incorporating an income and expenditure account); 

- the Foundation balance sheet; 

- the Foundation cash flow statement; 

- the related notes to the Foundation financial statements 1 to 20; 

- the consolidated statement of financial activities, incorporating an income and expenditure account; 

- the consolidated balance sheets; 

- the consolidated statement of cash flow; and 

- the related notes to the consolidated financial statements 1 to 33. 

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: 

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Charities Act, UK Companies Act, pension and tax legislation; and 

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. 

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: 

- Manual adjustments are posted to the general ledger to true-up revenue recognised under multiyear marine in-service contracts. We have performed substantive tests of detail on a sample of contracts to assess the accuracy of the adjustments that were made; and 

- Grant expenditure validity and cut off – We performed a substantive test of details on a sample of grants, inspecting contracts and agreements, bank statements, grant application meeting minutes and other supporting documentation. 

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: 

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- enquiring of management, internal audit and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 

- reading minutes of meetings of those charged with governance, reviewing internal audit reports, and reviewing correspondence with the Charity Commission. 

## **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: 

- the information given in the trustees’ report, which includes the strategic report and the directors’ report prepared for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

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<br>**Income**<br>Income from investments:<br>Gift aid donation from Trading Group<br>From the investment portfolio and other<br>investments<br>**Total income**<br>3<br>**Expenditure on raising funds**<br>Investment management costs<br>4<br>**Charitable activities**<br>Total grant activities<br>5<br>Total direct activities<br>5<br>**Total expenditure**<br>**Net (expenditure) / income before gains on**<br>**investments**<br>Realised gains / (losses) on disposal of the<br>investment portfolio<br>Unrealised (losses) / gains on the investment<br>portfolio<br>**Net (expenditure) / income and net movement**<br>**in funds**<br>**Reconciliation of funds**<br>Funds brought forward<br>Funds carried forward<br>17|General<br>funds<br>2025<br>£000<br>5,000<br>7,994<br>12,994<br>—<br>(17,580)<br>(7,644)<br>(25,224)<br>(12,230)<br>2,506<br>(1,929)<br>(11,653)<br>24,876<br>13,223|<br>Endowment<br>funds<br>2025<br>£000<br> <br>—<br>—<br> <br>—<br> <br>(923)<br> <br> <br> <br>—<br>—<br> <br>(923)<br> <br>(923)<br> <br> <br>31,610<br> <br>(24,325)<br> <br> <br>6,362<br> <br> <br> <br>313,730<br> <br>320,092|<br>**Total funds**<br>**2025**<br>**£000**<br> <br> <br>**5,000**<br> <br>**7,994**<br> <br>**12,994**<br> <br> <br> <br>**(923)**<br>**(17,580)**<br>**(7,644)**<br>**(26,147)**<br>**(13,153)**<br>**34,116**<br>**(26,254)**<br>**(5,291)**<br>**338,606**<br>**333,315**|General<br>funds<br>2024<br>£000<br>20,000<br>9,590<br>29,590<br> <br>—<br> <br> <br> <br>(18,138)<br>(7,837) <br> <br>(25,975)<br> <br>3,615<br> <br> <br>(483)<br> <br>2,205<br> <br> <br>5,337<br> <br> <br> <br>19,539<br> <br>24,876|<br>Endowment<br>funds<br>2024<br>£000<br> <br>—<br> <br>—<br> <br>—<br> <br>(855)<br> <br> <br>—<br>—<br>(855)<br> <br>(855)<br> <br>(7,147)<br>32,630<br> <br>24,628<br> <br> <br>289,102<br>313,730|<br>**Total funds**<br>**2024**<br>**£000**<br> <br>**20,000**<br> <br>**9,590**|
|---|---|---|---|---|---|---|
|||||||<br>**29,590**<br>**(855)**<br>**(18,138)**<br>**(7,837)**|
|||||||**(26,830)**<br>**2,760**<br>**(7,630)**<br>**34,835**|
|||||||**29,965**<br>**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<br>**Fixed assets**<br>Tangible fixed assets<br>10<br>Investments<br>11<br>**Current assets**<br>Cash at bank and in hand<br>Debtors<br>12<br>**Creditors:**amounts falling due within one year<br>14<br>**Net current liabilities**<br>**Total assets less current liabilities**<br>**Creditors:**amounts falling due after one year<br>15<br>**Net assets**<br>**The funds of the charity**<br>Unrestricted – general fund<br>Revaluation reserve<br>18<br>**Total general funds**<br>Endowment funds<br>Revaluation reserve<br>18<br>**Total endowment funds**<br>**Total charity funds**<br>17|**30 June**<br>**2025**<br>**£000**<br>**89**<br>**368,230**<br>**368,319**<br> <br> <br>**2,210**<br>**1,183**<br>**3,393**<br> <br>**(22,856) **<br>**(19,463)**<br> <br>**348,856**<br> <br>**(15,541)**<br> <br>**333,315**<br> <br> <br> <br>**5,529**<br>**7,694**<br>**13,223**<br> <br>**221,645**<br>**98,447**<br>**320,092**<br>**333,315**|30 June<br>2024<br>£000<br>—<br>360,626|
|---|---|---|
|||360,626<br>9,562<br>682|
|||10,244<br>(18,184)|
|||(7,940)<br>352,686<br> <br>(14,080)|
|||338,606|
|||17,759<br>7,117|
|||24,876<br>222,568<br>91,162|
|||313,730|
|||<br>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:**<br>**Net cash used in operating activities**<br>**Cash flows from investing activities:**<br>Income from investments<br>Purchase of investments<br>Proceeds from sale of the investment portfolio<br>Purchase of tangible fixed assets<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and cash equivalents at the beginning of the year**<br>**Cash and cash equivalents at the end of the year**<br>**A.**<br>**Reconciliation of net income to net cash flow from operating activities**<br>**Net (expenditure) / income for the reporting year**<br>**(as per the statement of financial activities)**<br>**Adjustments for:**<br>Depreciation<br>Gains on investments<br>Income from investments<br>Increase in debtors<br>Increase in creditors<br>Net cash used in operating activities<br>**B.**<br>**Analysis of cash and cash equivalents**<br>Cash at bank and in hand<br>Total cash and cash equivalents|Note<br>A<br>B<br>B<br>30 June<br>2024 <br>£000<br>9,562|**2025**<br>**£000**<br>**(20,512)**<br> <br>**12,994**<br>**(358,641)**<br>**358,899**<br>**(92) **<br>**13,160**<br> <br>**(7,352)**<br>**9,562**<br>|<br>|2024<br>£000<br> <br>(25,371)<br>29,590<br>(151,424)<br>150,791<br>—|
|---|---|---|---|---|
|||||28,957|
|||||3,586<br>5,976|
|||**2,210**<br>**2025**<br>**£000**<br>**(5,291)**<br> <br>**3**<br>**(7,862)**<br>**(12,994)**<br>**(501)**<br>**6,133**<br>**(20,512) **<br>Cash flow<br> <br>£000<br> <br>(7,352)<br> <br>(7,352)||<br>9,562|
|||||2024<br>£000<br>29,965<br>—<br>(27,205)<br>(29,590)<br>(408)<br>1,867<br>(25,371)<br>**30 June**<br>**2025**<br>**£000**<br>**2,210**<br>**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<br>Listed and other investments:<br>Fixed Interest – UK<br>Fixed Interest – Overseas<br>Equities – UK<br>Equities – Overseas<br>Index Linked – Overseas<br>Pooled Funds<br>Cash Instruments<br>Bank interest<br>Total|General<br>funds<br>£000<br>5,000<br>1,267<br>202<br>885<br>3,612<br>19<br>1,326<br>416<br>267<br>7,994<br>12,994|Endowment<br>funds<br>£000<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—|**Total**<br>**2025**<br>**£000**<br>**5,000**<br>**1,267**<br>**202**<br>**885**<br>**3,612**<br>**19**<br>**1,326**<br>**416**<br>**267**<br>**7,994**<br>**12,994**|Total<br>2024<br>£000<br>20,000<br>1,505<br>—<br>502<br>2,999<br>—<br>3,822<br>247<br>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:<br>Safer Maritime Systems<br>Skilled People for Safer Engineering<br>Safer Sustainable Infrastructure<br>Heritage<br>Global Safety Evidence Centre<br>Write back of grants awarded under previous strategic themes<br>Discounting of grant liabilities *<br>Total grant activities<br>Activities undertaken directly:<br>Safer Maritime Systems<br>Heritage<br>Global Safety Evidence Centre|Grants (note 6)<br>£000<br>6,376<br>2,049<br>2,040<br>2,615<br>1,601<br>(596)<br>14,085<br>443<br>14,528<br>—<br>—<br>—|Direct costs<br>£000<br> <br>215<br> <br>71<br> <br>70<br> <br>89<br> <br>50<br>—<br>495<br> <br>—<br> <br>495<br> <br>1,168<br> <br>2,872<br> <br>2,515|Support costs<br>£000<br> <br>1,096<br> <br>352<br> <br>383<br> <br>452<br> <br>274<br> <br>—<br> <br>2,557<br> <br>—<br> <br>2,557<br> <br>194<br> <br>477<br> <br>418|**2025**<br>**£000**<br>**7,687**<br>**2,472**<br>**2,493**<br>**3,156**<br>**1,925**<br>**(596)**|
|---|---|---|---|---|
|||||**17,137**|
|||||**443**|
|||||**17,580**|
|||||**1,362**<br>**3,349**<br>**2,933**|
||—<br>**14,528**|<br>6,555<br>**7,050**|<br>1,089<br> <br>**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:<br>Goal 1: Evidence and Insight<br>Goal 2: Challenge area: Safety at Sea<br>Goal 2: Challenge area: Safety of Food<br>Goal 2: Challenge area: Safety for a Sustainable Future<br>Goal 2: Challenge area: Skills for Safety<br>Heritage and education centre<br> Foundational<br>Discounting of grant liabilities*<br>Total grant activities<br>Activities undertaken directly:<br>Goal 1: Evidence and Insight<br>Goal 2: Challenge area: Safety of Food<br>Goal 2: Challenge area: Safety for a Sustainable Future<br>Heritage and education centre<br>Foundational<br>Total direct activities|Grants (note 6)<br>£000<br>1,497<br>5,866<br>(2)<br>1,430<br>3,269<br>1,090<br>1,637|<br>Direct costs<br>£000<br> <br>45<br> <br>183<br> <br>—<br> <br>40<br> <br>96<br> <br>29<br> <br>84|<br>Support costs<br>£000<br> <br>253<br> <br>935<br> <br>—<br> <br>219<br> <br>488<br> <br>163<br> <br>427|**2024**<br>**£000**<br> <br>**1,795**<br> <br>**6,984**<br> <br>**(2)**<br> <br>**1,689**<br> <br>**3,853**<br> <br>**1,282**<br> <br>**2,148**|
|---|---|---|---|---|
||14,787|<br>477|<br>2,485|<br>**17,749**|
||389|<br>—|<br>—|<br>**389**|
||15,176|<br>477|<br>2,485|<br>**18,138**|
||—<br>—<br>—<br>—<br>—|<br>2,665<br> <br>—<br> <br>—<br> <br>2,959<br> <br>1,220|<br>387<br> <br>—<br> <br>—<br>429<br> <br>177|<br>**3,052**<br> <br>—<br> <br>—<br> <br>**3,388**<br> <br>**1,397**|
||—|<br>6,844|<br>993|<br>**7,837**|
||15,176|<br>7,321|<br>3,478|<br>**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<br>grants|Global Safety<br>Evidence Centre<br>|Heritage|Safer Maritime<br>Systems|Safer<br>Sustainable<br>Infra-structure|Skilled People<br>for Safer<br>Engineering|Grants awarded<br>under previous<br>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,<br>University of London|1|—|—|10|—|—|—|**10**|
|Building and Wood Workers International<br>(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<br>University|1|—|—|—|—|63|—|**63**|
|Cranfield University|1|—|—|45|—|—|—|**45**|
|Danish Institute of Fire and Security<br>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<br>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<br>and Red Crescent Societies|1|250|—|—|—|—|—|**250**|
|Kwame Nkrumah University of Science and<br>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<br>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<br>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<br>Technology|1|—|—|990|—|—|—|**990**|
|The Ocean Foundation|1|—|152|—|—|—|—|**152**|
|The Oslo School of Architecture and Design<br>(AHO)|1|—|—|919|—|—|—|**919**|
|The Society for the Documentation of<br>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<br>Technology Centre|1|95|—|—|—|—|—|**95**|
|UNESCO Accredited NGOs c/o The Maritime<br>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<br>University of Wolverhampton<br>Voyage Solutions<br>World Economic Forum<br>World Monuments Fund Britain<br>Worldwide Ferry Association<br>Yildiz Technical University<br>Grant Adjustments*<br>Impact of discounting grants awarded in the<br>year<br>Net (excluding allocation of support costs)|1<br>1<br>1<br>1<br>1<br>1<br>1|—<br>—<br>—<br>—<br>—<br>—<br>—<br>—|—<br>—<br>—<br>—<br>509<br>—<br>—<br> <br> (20)|—<br>—<br>—<br>947<br>—<br>10<br>228<br> (10)|—<br>50<br>—<br>—<br>—<br>—<br>—<br> (196)|2<br>—<br>10<br>—<br>—<br>—<br>—<br> (2)|—<br>—<br>—<br>—<br>—<br>—<br>—<br> (596)|**2**<br>**50**<br>**10**<br>**947**<br>**509**<br>**10**<br>**228**<br> **(824)**|
|---|---|---|---|---|---|---|---|---|
||83|1,601|<br>2,807<br>(192)|<br>6,837<br> <br>(461)|<br>2,040<br>|<br>2,277<br>(228)|<br>(596)<br>|<br>**14,966**<br>**(881)**|
|||1,601|<br>2,615|<br>6,376|<br>2,040|<br>2,049|<br>(596)|<br>**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<br>of<br>grants|Safety at<br>Sea<br>£000|Safety of<br>Food<br>£000|Safety of<br>Digital<br>Systems<br>£000|Safety for a<br>sustainable<br>future<br>£000|Safety of<br>Physical<br>infra-<br>structure<br>£000|Skills for<br>Safety<br>£000|Heritage<br>And<br>Education<br>Centre<br>£000|Evidence<br>and Insight<br>£000|Underst-<br>anding<br>Risk<br>£000|Found-<br>ational<br>£000|**2024**<br>**£000**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Atlantic Pacific International<br>Rescue Ltd|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Center of Maritime History|||||||||||||
|Institute for Mediterranean|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Studies|||||||||||||
|IMRF|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Pembrokeshire Coastal Forum<br>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<br>Technology|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Strathclyde University|1|—|—|—|—|—|—|—|—|—|10|**10**|
|HELMEPA|1|—|—|—|—|—|612|—|—|—|—|**612**|
|International Maritime<br>Organization|1|399|—|—|—|—|—|—|—|—|—|**399**|
|University of California Santa<br>Barbara|1|—|—|—|—|—|—|—|206|—|—|**206**|
|Sea Shepherd Global|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Nest Funding for Completing<br>professional certificate courses|1|—|—|—|—|—|—|—|—|—|2|**2**|
|University College London|1|—|—|—|—|—|—|—|—|—|2|**2**|
|Climate Adaptation Works Ltd|1|—|—|—|—|—|—|—|—|—|10|**10**|
|International Congress of<br>Maritime Museums|1|—|—|—|—|—|—|42|—|—|—|**42**|
|ICLEI Africa Secretariat|1|—|—|—|—|—|—|—|21|—|—|**21**|
|UArctic ry - Arctic Maritime<br>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<br>Initiative Limited|1|65|—|—|—|—|—|—|—|—|—|**65**|
|Global Manufacturing<br>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<br>Foundation|1|—|—|—|—|—|—|—|—|—|10|**10**|
|UArctic ry|1|—|—|—|—|—|—|410|—|—|—|**410**|
|GMG Group|1|—|—|—|—|—|—|—|—|—|10|**10**|
|International Maritime Law<br>Institute (IMLI)|1|—|—|—|—|—|1,000|—|—|—|—|**1,000**|
|RAND Europe Community<br>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<br>Conference|1|—|—|—|—|—|—|—|—|—|2|**2**|
|UN High Level Climate<br>Champions|1|—|—|—|—|—|—|—|—|—|462|**462**|
|University of Philippines Visayas<br>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 -<br>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<br>of<br>grants<br>Maritime Decarbonisation Hub<br>Phase 2<br>1<br>Catanduanes State University<br>1<br>Seoul National University<br>1<br>Museum of London Archaeology<br>1<br>Highland Archive Service, High<br>Life Highland - Following the<br>Fish: Stories of the Herring Girls<br>1<br>West Sussex County Council<br>1<br>Lancashire Archives & Local<br>History, Lancashire County<br>Council<br>1<br>Swansea University - A voyage<br>of discovery on the Avon<br>Searider<br>1<br>The Common Room of the Great<br>North - Northern Coal<br>Shipments: Navigating Global<br>Impact in a Warming World<br>1<br>Maritime Archaeological Society<br>of Finland - Identifying Potential<br>"Lloyd's" Shipwrecks on the<br>Gulf of Finland<br>1<br>Gloucestershire Archives -<br>Gloucestershire Mariners<br>1<br>National Life Stories - Exploring<br>Innovations in Maritime Safety<br>1<br>SS Great Britain Trust<br>1<br>Maritime Archaeology Sea Trust<br>- Royal Navy Loss List<br>interlinking with NMRN and MoD<br>Salmo<br>1<br>Aston University<br>1<br>Transaid Worldwide Services -<br>Madereva Salama Zaidi<br>1<br>London South Bank University<br>1<br>National Historic Ships UK<br>1<br>EPFL<br>1<br>Grant Adjustments*<br>73<br>Impact of discounting grants<br>awarded in the year|Safety at<br>Sea<br>£000<br>Safety of<br>Food<br>£000<br>—<br>—<br>—<br>—<br>4,000<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>(399)<br>(2)|Safety of<br>Digital<br>Systems<br>£000<br>Safety for a<br>sustainable<br>future<br>£000<br>Safety of<br>Physical<br>infra-<br>structure<br>£000<br>Skills for<br>Safety<br>£000<br>Heritage<br>And<br>Education<br>Centre<br>£000<br>—<br>1,480<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>212<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>(50)<br>—<br>—<br>—|Evidence<br>and Insight<br>£000<br>Underst-<br>anding<br>Risk<br>£000<br>Found-<br>ational<br>£000<br>—<br>—<br>47<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>8<br>—<br>—<br>7<br>—<br>—<br>9<br>—<br>—<br>10<br>—<br>—<br>9<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>9<br>—<br>—<br>10<br>—<br>—<br>10<br>(206)<br>—<br>(1,223)|**2024**<br>**£000**<br> <br>**1,480**<br> <br>**47**<br> <br>**4,000**<br> <br>**212**<br> <br>**8**<br> <br>**7**<br> <br>**9**<br> <br>**10**<br> <br>**9**<br> <br>**10**<br> <br>**10**<br> <br>**10**<br> <br>**10**<br> <br>**10**<br> <br>**10**<br> <br>**10**<br> <br>**9**<br> <br>**10**<br> <br>**10**<br> <br>**(1,880)**|
|---|---|---|---|---|
||**6,472**<br>**(2)**<br>(606)<br>—|**—**<br>**1,430**<br>**—**<br>**3,612**<br>**1,090**<br>—<br>—<br>—<br>(343)<br>—|**1,497**<br>**—**<br>**1,885**<br>—<br>—<br>(248)|**15,984**<br> <br>(1,197)|
||**5,866**<br>**(2)**|**—**<br>**1,430**<br>**—**<br>**3,269**<br>**1,090**|**1,497**<br>**—**<br>**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<br>Awarded in the year<br>Unwinding of discounting (note 5)<br>Grant adjustments (note 6)<br>Grant adjustments written back in year and reported within other debtors<br>Paid in the year<br>At end of year|**2025**<br>**£000**<br>**29,930**<br>**14,909**<br>**443**<br>**(824)**<br>**112**<br>**(12,366)**<br>**32,204**|2024<br>£000<br>27,853<br>16,667<br> <br>389<br>(1,880)<br>—<br>(13,099)|
|||29,930|



The aging of grants payable is shown in note 15. 

## **8. Employees** 

|**Employees**|||||
|---|---|---|---|---|
|Wages and salaries<br>Social security costs<br>Pension costs|General<br>funds<br>£000<br>3,461<br>396<br>422<br>4,279|<br>Endowment<br>funds<br>£000<br> <br>—<br> <br>—<br> <br>—<br> <br>—|<br>**2025**<br>**£000**<br> <br>**3,461**<br> <br>**396**<br> <br>**422**<br> <br>**4,279**|2024<br>£000<br>3,114<br>296<br>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:**<br>At 1 July 2024<br>Additions<br>**At 30 June 2025**<br>**Depreciation:**<br>At 1 July 2024<br>Charged in year<br>**At 30 June 2025**<br>**Net book value:**<br>**At 30 June 2025**<br>At 30 June 2024|**Office fittings**<br>**and**<br>**equipment**<br>**£000**<br>—<br>92|
|---|---|
||**92**|
||—<br>3|
||**3**|
||**89**|
||—|



## **11. Investments** 

|Investment portfolio at market value comprises:<br>Fixed Interest – UK<br>Fixed Interest – Overseas<br>Equities – UK<br>Equities – Overseas<br>Index Linked - Overseas<br>Pooled Funds<br>Derivatives<br>Cash Instruments<br>Cash at investment managers and accrued interest<br>Unlisted investments<br>Investment in subsidiaries – social investment at cost less impairment<br>**Investment portfolio and cash held by investment managers**<br>At start of year<br>Additions at cost<br>Disposal proceeds<br>Realised gains / (losses) on disposals<br>Unrealised (losses) / gains<br>At end of year<br>Cash at investment managers and accrued interest|**30 June**<br>**2025**<br>**£000**<br>**30,024**<br>**5,178**<br>**23,645**<br>**144,127**<br>**1,119**<br>**116,033**<br>**326**<br>**4,453**<br>**3,275**<br>**328,180**<br> <br>**40,050**|30 June<br>2024<br>£000<br>29,467<br>—<br>7,419<br>189,600<br>—<br>82,618<br>(166)<br>8,071<br>3,567|
|---|---|---|
|||320,576<br>40,050|
||**368,230**<br>**30 June**<br>**2025**<br>**£000**<br>**317,009**<br>**358,933**<br>**(358,899)**<br>**34,116**<br>**(26,254) **<br>**324,905**<br>**3,275**<br>**328,180**|360,626|
|||30 June<br>2024<br>£000<br>289,810<br>150,785<br>(150,791)<br>(7,630)<br>34,835|
|||317,009<br>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<br>Prepayments and accrued income|**30 June**<br>**2025**<br>**£000**<br>**819**<br>**364**<br>**1,183**|30 June<br>2024<br>£000<br>—<br>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**<br>Cost of sales<br>**Gross profit**<br>Administrative expenses|**2025**<br>**£000**<br>**667,720**<br>**(381,520)**<br>**286,200**<br>**(236,989)**|<br>2024<br> <br>£000<br> <br>546,617<br>(347,338)|
|---|---|---|
|||<br>199,279<br>(214,611)|
|Administrative expenses before exceptional costs<br>Operating profit before exceptional costs<br>Exceptional costs|**(219,864)**<br>**66,336**<br>**(17,125)**|(194,299|
|||<br>4,980<br>(20,312)|
|**Operating profit / (loss)**<br>Profit on disposal<br>Share of net operating loss of joint ventures<br>Net investment income<br>Interest payable and similar charges<br>Other finance income<br>**Profit / (loss) before taxation**<br>Tax on profit / (loss)<br>**Loss for the financial year**<br>Assets<br>Liabilities<br>**Net Assets**<br>**Shareholder’s funds**|**49,211**<br>**619**<br>**(208)**<br>**683**<br>**(15,950)**<br>**790**<br>**35,145**<br>**(55,709)**<br>**(20,564)**<br>**30 June 2025**<br>**£000**<br>**1,341,738**<br>**(683,324) **<br>**658,414**<br>**658,414**|<br>(15,332)<br> <br>—<br> <br>(759)<br> <br>10,745<br> <br>(44)<br> <br>1,874|
|||<br>(3,516)<br>(12,432)|
|||(15,948)|
|||<br>30 June 2024<br> <br>£000<br>1,170,462<br>(404,087)|
|||<br>766,375|
||||
|||<br>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<br>Amounts due to related companies<br>Grants payable<br>Accruals and deferred income<br>**Creditors: amounts falling due after one year**<br>Grants payable<br>The timing of grants payable is shown in the table below:<br>Due within one year<br>Due within 1-2 years<br>Due within 2-5 years<br>Due after 5 years<br>Impact of discounting<br>Net grants payable|**30 June 2025**<br>**£000**<br> <br>**486**<br>**4,675**<br>**16,663**<br>**1,032**<br>**22,856**<br>**30 June 2025**<br>**£000**<br>**15,541**<br>**15,541**<br>**30 June 2025**<br>**£000**<br>**16,663**<br> <br>**8,801**<br>**8,898**<br>**150**<br>**(2,308) **<br>**15,541**<br> <br>**32,204**|30 June 2024<br>£000<br>219<br>1,123<br>15,850<br>992|
|---|---|---|
|||18,184|
|||30 June 2024<br>£000<br>14,080|
|||14,080|
|||30 June 2024<br>£000<br>15,850|
|||8,909<br>6,892<br>150<br>(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<br>Endowment funds:<br>Expendable endowment|30 June<br>2024<br>£000<br>24,876<br>313,730|Income<br>£000<br> <br>12,994<br> <br>—<br> <br>12,994|Expenditure<br>£000<br> <br>(25,224)<br> <br>(923)|Other<br>movements<br>£000<br> <br>577<br>7,285<br>7,862|**30 June**<br>**2025**<br>**£000**<br> <br>**13,223**<br> <br>**320,092**|
||338,606||<br>(26,147)||<br>**333,315**|



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

|Total general funds<br>Endowment funds:<br>Expendable endowment|30 June<br>2023<br>£000<br>19,539<br>289,102|Income<br>£000<br> <br>29,590<br> <br>—<br> <br>29,590|Expenditure<br>£000<br> <br>(25,975)<br> <br>(855)|Other<br>movements<br>£000<br> <br>1,722<br>25,483<br>27,205|**30 June**<br>**2024**<br>**£000**<br> <br>**24,876**<br> <br>**313,730**|
|---|---|---|---|---|---|
||308,641||<br>(26,830)||<br>**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<br>Endowment funds:<br>Expendable endowment<br>General funds – revaluation reserve<br>Endowment funds:<br>Expendable endowment<br>**19.  Analysis of net assets between funds**|General funds – revaluation reserve<br>Endowment funds:<br>Expendable endowment<br>General funds – revaluation reserve<br>Endowment funds:<br>Expendable endowment<br>**19.  Analysis of net assets between funds**|General funds – revaluation reserve<br>Endowment funds:<br>Expendable endowment<br>General funds – revaluation reserve<br>Endowment funds:<br>Expendable endowment<br>**19.  Analysis of net assets between funds**|30 June<br>2024<br>£000<br>7,117<br>91,162<br>98,279<br>30 June<br>2023<br>£000<br>5,395<br>65,679<br>71,074|Unrealised<br>gains<br>£000<br> <br>(1,929)<br> <br>(24,325)<br> <br> (26,254)<br>Unrealised<br>losses<br>£000<br> <br>2,205<br> <br>32,630<br> <br>34,835|Realised<br>revaluation<br>reserve<br>£000<br>2,506<br>31,610<br>34,116<br>Realised<br>revaluation<br>reserve<br>£000<br>(483)<br>(7,147)<br>(7,630)|**30 June**<br>**2025**<br>**£000**<br>**7,694**<br>**98,447**|
|---|---|---|---|---|---|---|
|||||||**106,141**|
|||||||30 June<br>2024<br>£000<br>7,117<br>91,162|
|||||||98,279|
||||||||
||Fixed assets<br> <br>Current assets<br>Creditors: amounts falling due within one year<br>Creditors: amounts falling due after one year|General<br>funds<br>£000<br>48,227<br>3,393<br>(22,856)<br>(15,541)<br>13,223||Endowment<br>funds<br>£000<br> <br>320,092<br> <br>—<br> <br>—<br>—<br> <br>320,092|**Total**<br>**30 June**<br>**2025**<br>**£000**<br> <br>**368,319**<br> <br>**3,393**<br> <br>**(22,856)**<br> <br>**(15,541) **<br> <br>**333,315**|Total<br>30 June<br>2024<br>£000<br>360,626<br>10,244<br>(18,184)<br>(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<br>Current assets<br>Creditors: amounts falling due within one year<br>Creditors: amounts falling due after one year|General<br>funds<br>£000<br>46,896<br>10,244<br>(18,184)<br>(14,080)|Endowment<br>funds<br>£000<br>313,730<br>**—**<br>**—**<br>**—**<br> <br>313,730|**Total**<br>**30 June**<br>**2024**<br>**£000**<br>**360,626**<br>**10,244**<br>**(18,184)**<br>**(14,080)**<br>**338,606**|Total<br>30 June<br>2023<br>£000<br>332,788<br>6,250<br>(19,911)<br>(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: 

- A £1,200,000 grant to support decarbonisation in the marine sector. £1,200,000 remains outstanding as at 30 June 2025. 

- • A £200,000 grant to support the SafetyTech Accelerator Programme. £100,000 remains outstanding as at 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: 

- A £1,480,000 grant to support decarbonisation in the marine sector. £nil remains outstanding as at 30 June 2025. (2024: £1,480,000) 

- A £600,000 grant to support the SafetyTech Accelerator Programme. £nil remains outstanding as at 30 June 2025. (2024: £150,000) 

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: 

- £885,000 in respect of the provision of services including accommodation and IT support (2024: £1,013,000); and 

- £450,000 in respect of Trading Group employees seconded to the Foundation (2024: £425,000). 

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<br>**Income**<br>Income from investments:<br>Investment portfolio<br>4<br>Property<br>4<br>Other<br>4<br>Other finance income - pensions<br>24<br>Income from other trading activities<br>5<br>Profit on disposal of discontinued operations<br>14<br>**Total income**<br>**Expenditure on raising funds**<br>Investment management costs<br>Cost of other trading activities<br>Unwinding of provision discounting<br>22<br>Net interest in the results for the year in joint ventures<br>**Total costs of raising funds**<br>**Expenditure on charitable activities**<br>Total grants activities<br>7<br>Total direct activities<br>7<br>**Total expenditure**<br>**Net income / (expenditure) before (losses) / gains on investments**<br>11<br>Unrealised gains / (losses) on investments<br>Realised gains / (losses) on disposal of investments<br>**Net (expenditure) / income before taxation**<br>Taxation<br>10<br>**Net (expenditure) / income**<br>Transfers between funds<br>Foreign exchange differences on translation of net assets of overseas<br>operations<br>Net actuarial movements on defined benefit pension schemes<br>24<br>Tax relating to components of other comprehensive income<br>**Net movement in funds**<br>Funds brought forward<br>Funds carried forward|<br>Trading<br>funds<br>2025<br>£000<br>1,715<br>3,614<br>8,685<br>1,388<br>667,720<br>619<br>683,741<br>—<br>(636,880)<br>(598)<br>(208)<br>(637,686)<br>—<br>—<br>(637,686)<br>46,055<br>(38,441)<br>25,110<br>32,724<br>(55,709)<br>(22,985)<br>(2,579)<br>(21,190)<br>(86,289)<br>25,082<br>(107,961)<br>766,375<br>658,414|General<br>funds<br>2025<br>£000<br> <br> <br>7,727<br> <br>—<br> <br>267<br> <br>—<br> <br>—<br> <br>—<br> <br>7,994<br> <br>—<br> <br>—<br> <br>—<br>—<br> <br>—<br> <br>(16,180)<br> <br>(7,644)<br> <br>(23,824)<br> <br>(15,830)<br> <br>(1,929)<br> <br>2,506<br> <br>(15,253)<br>—<br>(15,253)<br> <br>2,579<br> <br>—<br> <br>—<br> <br>—<br> <br>(12,674)<br> <br>(10,936)<br> <br>(23,610)|Endowment<br>funds<br>2025<br>£000<br> <br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>(923)<br> <br>—<br> <br>—<br> <br>—<br> <br>(923)<br> <br>—<br>—<br> <br>(923)<br> <br>(923)<br> <br>(24,325)<br> <br>31,610<br> <br>6,362<br> <br>—<br>6,362<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>6,362<br>313,730<br>320,092|**Total funds**<br>**2025**<br>**£000**<br> <br> <br> <br>**9,442**<br> <br>**3,614**<br> <br>**8,952**<br> <br>**1,388**<br> <br>**667,720**<br> <br>**619**<br> <br>**691,735**<br> <br> <br> <br>**(923)**<br> <br>**(636,880)**<br> <br>**(598)**<br> <br>**(208) **<br> <br>**(638,609)**<br> <br> <br> <br>**(16,180)**<br> <br>**(7,644) **<br> <br>**(662,433)**<br> <br> <br>**29,302**<br> <br>**(64,695)**<br> <br>**59,226**<br> <br>**23,833**<br> <br> <br>**(55,709) **<br> <br>**(31,876) **<br> <br>**—**<br> <br>**(21,190)**<br> <br>**(86,289)**<br> <br>**25,082**<br> <br> <br>**(114,273)**<br> <br> <br>**1,069,169**<br> <br>**954,896**|Total funds<br>2024<br>£000<br>16,410<br>3,998<br>2,631<br>2,400<br>546,617<br>—|
|---|---|---|---|---|---|
||||||572,056|
||||||(855)<br>(563,605)<br>(526)<br>(759)|
||||||(565,745)<br>(16,058)<br>(7,837)|
||||||(589,640)|
||||||(17,584)<br>45,627<br>(21,126)|
||||||6,917<br>(12,432)|
||||||(5,515)|
||||||—<br>(3,607)<br>(18,414)<br>2,931|
||||||(24,605)<br>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<br>**Fixed Assets**<br>Goodwill<br>14<br>Other intangible fixed assets<br>15<br>Tangible assets<br>16<br>Investments<br>17<br>Interests in joint ventures: share of net assets<br>17<br>**Current assets**<br>Debtors falling due within one year<br>19<br>Debtors falling due after more than one year<br>19<br>Cash at bank and in hand<br>Pension surplus<br>24<br>**Creditors:**amounts falling due within one year<br>20<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors:**amounts falling due after one year<br>21<br>Provisions for liabilities excluding pension deficits<br>22<br>Provisions for pension deficits<br>24<br>**Net assets**<br>**The funds of the group**<br>27,28<br>Non charitable trading funds<br>Non charitable trading funds revaluation reserve<br>28<br>General fund<br>General fund revaluation reserve<br>28<br>**Total unrestricted funds**<br>27<br>Endowment funds<br>Endowment fund revaluation reserve<br>28<br>**Total endowment funds**<br>27<br>**Total group funds**|**30 June**<br>**2025**<br>**£000**<br>**720,591**<br>**25,013**<br>**106,930**<br>**331,237**<br>**115**<br>**1,183,886**<br> <br> <br>**244,602**<br>**16,407** <br>**200,553**<br>**23,277** <br>**484,839** <br> <br>**(344,764) **<br>**140,075** <br> <br>**1,323,961**<br> <br>**(221,698)** <br> <br>**(37,871)** <br>**(109,496)** <br> <br>**954,896** <br> <br> <br> <br> <br>**666,329** <br>**(7,915) **<br>**(31,304)** <br>**7,694** <br>**634,804** <br> <br>**221,645**<br>**98,447**<br>**320,092** <br> <br>**954,896**|30 June<br>2024<br>£000<br>300,009<br>23,790<br>116,973<br>587,455<br>115|
|---|---|---|
|||1,028,342<br>212,305<br>12,688<br>123,297<br>123,527|
|||471,817<br>(249,734)|
|||222,083<br>1,250,425<br>(14,080)<br>(39,886)<br>(127,290)|
|||1,069,169|
|||735,847<br>30,528<br>(18,053)<br>7,117|
|||755,439|
|||222,568<br>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<br>**Net cash inflow / (outflow) from operating activities**<br>30<br>**Cash flows from investing activities**<br>Decrease in loans<br>Proceeds from sale of investments<br>Proceeds from sale of tangible fixed assets<br>Purchase of investments<br>Purchase of intangible fixed assets<br>Purchase of tangible fixed assets<br>Interest paid<br>Investment income<br>Additional investment in existing joint ventures<br>Acquisition of subsidiaries including debt settled on acquisition, net of cash acquired<br>Disposal of subsidiaries<br>Gain on foreign exchange derivative settlement<br>**Net cash (outflows) / inflows from investing activities**<br>**Cash flows from financing activities**<br>Interest paid on external loan and overdraft<br>Increase in overdraft<br>Net proceeds from bank loan<br>**Net cash inflow from financing activities**<br>**Net increase / (decrease) in cash and cash equivalents**<br>**Cash and cash equivalents at beginning of year**<br>Net increase / (decrease) in cash and cash equivalents<br>Effect of foreign exchange rate changes<br>**Cash and cash equivalents at end of year**|**2025**<br>**£000**<br>**29,222**<br> <br>**10**<br>**639,439**<br>**253**<br>**(373,688)**<br>**(10,488)**<br>**(10,633)**<br>**—**<br>**22,008**<br>**(164)**<br>**(432,945)**<br>**104**<br>**3,038**|2024<br>£000<br> <br>(24,979)<br>19<br>241,671<br>535<br>(244,825)<br>(5,019)<br>(16,328)<br>(44)<br>23,083<br>(672)<br>—<br>2,838<br>—|
|---|---|---|
||**(163,066) **|1,258|
||**(13,488)**<br>**9,867**<br>**223,298**|<br>—<br> <br>—<br> <br>—|
||**219,677**|<br>—|
||||
||**85,833**|<br>(23,721)|
||**123,297**<br>**85,833**<br>**(8,577)**|<br>150,822<br>(23,721)<br>(3,804)|
||**200,553**|<br>123,297|



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

|**Group**<br>Cash and cash equivalents<br>Bank overdraft<br>External loan<br>**Net funds / (debt)**|At 1 July<br>2024<br>£000<br>123,297<br>—<br>—|Cash flow<br>£000<br> <br>518,778<br> <br>(9,867)<br> <br>(211,791)|Acquisition of<br>subsidiaries<br>£000<br> <br>(432,945)<br> <br>(31,650)<br>—<br> <br>**(464,595)**|Other<br>movements<br> <br>£000<br> <br>(8,577)<br> <br>647<br> <br>5,634|**At 30 June**<br>**2025**<br>**£000**<br> <br>**200,553**<br> <br>**(40,870)**<br> <br>**(206,157)**<br>**(46,474)**|
|---|---|---|---|---|---|
||**123,297**|<br>**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: 

- i. It must be technically feasible for the software to be completed such that it would be available for use in its intended purpose. ii. The Group has the intention and the resources to complete the software development. iii. The Group has the ability to utilise the software. 

- iv. The software being developed is expected to produce future economic benefits for the Group. v. Expenditure relating to the software during development can be reliably measured. 

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. 

- ii. Income and expenditure for the year are translated at the appropriate rates prevailing during the year, updated on a monthly basis. 

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. 

- ii. Debtors falling due after one year are presented within current assets instead of fixed assets. 

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<br>Fixed Interest – Overseas<br>Equities – UK<br>Equities – Overseas<br>Index Linked - Overseas<br>Pooled Funds<br>Cash Instruments<br>Bank interest<br>Gain on foreign exchange forward contract<br>Income from UK investment property|Trading<br>funds<br>£000<br>751<br>—<br>59<br>426<br>—<br>204 <br>275<br>1,715 <br>5,647<br>3,038<br>3,614 <br>**14,014**|General<br>funds<br>£000<br> <br>1,267<br> <br>202<br> <br>885<br> <br>3,612<br> <br>19<br>1,326 <br> <br>416<br>7,727 <br> <br>267 <br> <br>—<br>—<br> <br>**7,994**|Endowment<br>funds<br>£000<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br>— <br> <br>—<br>— <br>— <br> <br>—<br> <br>—<br> <br>**—**|**Total funds**<br>**2025**<br>**£000**<br> <br>**2,018**<br> <br>**202**<br> <br>**944**<br> <br>**4,038**<br> <br>**19**<br>**1,530**<br> <br>**691**<br>**9,442**<br>**5,914**<br> <br>**3,038**<br> <br>**3,614**<br>**22,008**|Total funds<br>2024<br>£000<br>4,891<br>—<br>843<br>5,210<br>—<br>4,518<br>948|
|---|---|---|---|---|---|
||||||16,410<br>2,631<br>—<br>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:**<br>Maritime<br>OneOcean*|**2025**<br>**£000**<br>**540,330**<br>**127,390**|2024<br>£000<br>459,686<br>86,931|
|---|---|---|
||**667,720**|546,617|



* The previously reported LR OneOcean business line has been renamed OneOcean and includes the acquired Ocean Technologies Group. 

## **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**<br>Income from investments:<br>Investment portfolio<br>Property<br>Other<br>Other finance income - pensions<br>Income from other trading activities<br>Profit on disposal of discontinued operations<br>**Total income**<br>**Expenditure on raising funds**<br>Investment management costs<br>Cost of other trading activities<br>Unwinding of provision discounting<br>Net interest in the results for the year in joint ventures<br>Other<br>**Total costs of raising funds**<br>**Expenditure on charitable activities**<br>Total grants activities<br>Total direct activities<br>**Total expenditure**<br>**Net (expenditure) / income before gains / (losses) on investments**<br>Unrealised gains / (losses) on investments<br>Realised losses on disposal of investments<br>**Net (expenditure) / income before taxation**<br>Taxation<br>**Net (expenditure) / income**<br>Transfers between funds<br>Acquisition of non-controlling interest<br>Foreign exchange differences on translation of net assets of overseas<br>operations<br>Net actuarial movements on defined benefit pension schemes<br>Tax relating to components of other comprehensive income<br>**Net movement in funds**<br>Funds brought forward<br>Funds carried forward|Trading<br>funds<br>2024<br>£000<br>7,335<br>3,998<br>2,116<br>2,400<br>546,617<br>—<br>562,466<br> <br> <br>—<br>(563,605)<br>(526)<br>(759)<br>—<br>(564,890)<br> <br> <br>—<br>—<br>(564,890)<br> <br>(2,424)<br>10,792<br>(13,496) <br>(5,128)<br> <br>(12,432) <br>(17,560) <br> <br>(18,388)<br>—<br>(3,607)<br>(18,414)<br>2,931<br> <br>(55,038)<br> <br>821,413<br>766,375|General<br>funds<br>2024<br>£000<br> <br>9,075 <br>— <br>515 <br>— <br>— <br>— <br>9,590 <br>— <br>— <br>— <br>— <br>— <br>— <br>(16,058) <br>(7,837) <br>(23,895) <br>(14,305) <br>2,205 <br>(483) <br>(12,583) <br>— <br>(12,583) <br>18,388 <br>— <br>— <br>— <br>— <br>5,805 <br>(16,741) <br>(10,936)|Endowment<br>funds<br>2024<br>£000<br> <br> <br>— <br> <br>— <br> <br>— <br>— <br> <br>— <br> <br>— <br> <br>— <br> <br>(855) <br> <br>— <br> <br>— <br> <br>— <br> <br>— <br> <br>(855) <br> <br>— <br> <br>— <br> <br>(855) <br> <br>(855) <br> <br>32,630 <br> <br>(7,147) <br> <br>24,628 <br> <br>— <br> <br>24,628 <br> <br>—<br> <br>— <br> <br>— <br> <br>— <br> <br>— <br> <br>24,628 <br> <br>289,102 <br> <br>313,730|**Total funds**<br>**2024**<br>**£000**<br> <br> <br> <br>**16,410 **<br> <br>**3,998 **<br> <br>**2,631 **<br> <br>**2,400 **<br> <br>**546,617 **<br> <br>**— **<br> <br>**572,056 **<br> <br> <br> <br>**(855) **<br> <br>**(563,605) **<br> <br>**(526) **<br> <br>**(759) **<br> <br>**— **<br> <br>**(565,745) **<br> <br> <br> <br>**(16,058) **<br> <br>**(7,837) **<br> <br>**(589,640) **<br> <br> <br>**(17,584) **<br> <br>**45,627  **<br> <br>**(21,126) **<br> <br>**6,917 **<br> <br> <br>**(12,432) **<br> <br>**(5,515) **<br> <br>**— **<br> <br>**— **<br> <br>**(3,607) **<br> <br>**(18,414) **<br> <br>**2,931 **<br> <br> <br>**(24,605) **<br> <br> <br>**1,093,774 **<br> <br>**1,069,169 **|Total funds<br>2023<br>£000<br>19,029<br>3,585<br>2,628<br>2,524<br>516,793<br>15,842|
|---|---|---|---|---|---|
||||||560,401|
||||||(863)<br>(525,591)<br>(361)<br>(744)<br>(649)|
||||||(528,208)<br>(15,930)<br>(5,969)|
||||||(550,107)|
||||||10,294<br> <br>(973)<br>(39,213)|
||||||(29,892)<br>(3,411)|
||||||(33,303)|
||||||—<br>(5,354)<br>(7,020)<br>(36,047)<br>11,702|
||||||(70,022)<br>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:<br>Safer Maritime Systems<br>Skilled People for Safer Engineering<br>Safer Sustainable Infrastructure<br>Heritage<br>Global Safety Evidence Centre<br>Write back of grants awarded under previous strategic themes<br>Discounting of grant liabilities *<br>Total grant activities<br>Activities undertaken directly:<br>Safer Maritime Systems<br>Heritage<br>Global Safety Evidence Centre|Grants (note 8)<br>£000<br>6,376<br>2,049<br>640<br>2,615<br>1,601<br>(596)|Direct costs<br>£000<br> <br>215<br> <br>71<br> <br>70<br> <br>89<br> <br>50<br>—<br>495<br> <br>—<br> <br>495<br> <br>1,168<br> <br>2,872<br> <br>2,515|Support costs<br>£000<br> <br>1,096<br> <br>352<br> <br>383<br> <br>452<br> <br>274<br> <br>—<br> <br>2,557<br> <br>—<br> <br>2,557<br> <br>194<br> <br>477<br> <br>418|**2025**<br>**£000**<br> <br>**7,687**<br> <br>**2,472**<br> <br>**1,093**<br> <br>**3,156**<br> <br>**1,925**<br> <br>**(596)**|
|---|---|---|---|---|
||12,685|||<br>**15,737**|
||443|||<br>**443**|
||13,128|||<br>**16,180**|
||—<br>—<br>—|||<br>**1,362**<br> <br>**3,349**<br> <br>**2,933**|
||—|<br>6,555<br>**7,050**|<br>1,089<br> <br>**3,646**|<br>**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:<br>Goal 1: Evidence and Insight<br>Goal 2: Challenge area: Safety at Sea<br>Goal 2: Challenge area: Safety of Food<br>Goal 2: Challenge area: Safety for a Sustainable Future<br>Goal 2: Challenge area: Skills for Safety<br>Heritage and education centre<br> Foundational<br>Discounting of grant liabilities<br>Total grant activities<br>Activities undertaken directly:<br>Goal 1: Evidence and Insight<br>Heritage and education centre<br>Foundational<br>Total direct activities|Grants (note 8)<br>£000<br>1,497<br>5,866<br>(2)<br>(50) <br>3,269<br>1,090<br>1,037|Direct costs<br>£000<br> <br>45<br> <br>183<br> <br>—<br>40<br> <br>96<br> <br>29<br> <br>84<br>477 <br>— <br>477 <br> <br>2,665<br> <br>2,959<br> <br>1,220<br> <br>6,844<br>**7,321**|Support costs<br>£000<br> <br>253<br> <br>935<br> <br>—<br> <br>219<br> <br>488<br> <br>163<br> <br>427<br>2,485 <br>— <br>2,485 <br> <br>387<br> <br>429<br> <br>177<br> <br>993<br>**3,478**|**2024**<br>**£000**<br> <br>**1,795**<br> <br>**6,984**<br> <br>**(2)**<br> <br>**209**<br> <br>**3,853**<br> <br>**1,282**<br> <br>**1,548**|
|---|---|---|---|---|
||12,707|||**15,669**|
||389|||**389**|
||13,096|||**16,058**|
||—<br>—<br>—|||<br>**3,052**<br> <br>**3,388**<br> <br>**1,397**|
||—|||<br>**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<br>grants|Global Safety<br>Evidence Centre<br>|Heritage|Safer Maritime<br>Systems|Safer<br>Sustainable<br>Infra-structure|Skilled People<br>for Safer<br>Engineering|Grants awarded<br>under previous<br>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,<br>University of London|1|—|—|10|—|—|—|**10**|
|Building and Wood Workers International<br>(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<br>University|1|—|—|—|—|63|—|**63**|
|Cranfield University|1|—|—|45|—|—|—|**45**|
|Danish Institute of Fire and Security<br>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<br>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<br>and Red Crescent Societies|1|250|—|—|—|—|—|**250**|
|Kwame Nkrumah University of Science and<br>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<br>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<br>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<br>Technology|1|—|—|990|—|—|—|**990**|
|The Ocean Foundation|1|—|152|—|—|—|—|**152**|
|The Oslo School of Architecture and Design<br>(AHO)|1|—|—|919|—|—|—|**919**|
|The Society for the Documentation of<br>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<br>Technology Centre|1|95|—|—|—|—|—|**95**|
|UNESCO Accredited NGOs c/o The Maritime<br>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<br>Voyage Solutions<br>World Economic Forum<br>World Monuments Fund Britain<br>Worldwide Ferry Association<br>Yildiz Technical University<br>Grant Adjustments*<br>Impact of discounting grants awarded in the<br>year<br>Net (excluding allocation of support costs)|1<br>1<br>1<br>1<br>1<br>1|—<br>—<br>—<br>—<br>—<br>—<br>—|—<br>—<br>—<br>509<br>—<br>—<br> <br> (20)|—<br>—<br>947<br>—<br>10<br>228<br> (10)|50<br>—<br>—<br>—<br>—<br>—<br> (196)|—<br>10<br>—<br>—<br>—<br>—<br> (2)|—<br>—<br>—<br>—<br>—<br>—<br> (596)|**50**<br>**10**<br>**947**<br>**509**<br>**10**<br>**228**<br> **(824)**|
|---|---|---|---|---|---|---|---|---|
||81|1,601|<br>2,807<br>(192)|<br>6,837<br> <br>(461)|<br>640<br>|<br>2,277<br>(228)|<br>(596)<br>|<br>**13,566**<br>**(881)**|
|||1,601|<br>2,615|<br>6,376|<br>640|<br>2,049|<br>(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<br>of<br>grants|Safety at<br>Sea<br>£000|Safety of<br>Food<br>£000|Safety of<br>Digital<br>Systems<br>£000|Safety for a<br>sustainable<br>future<br>£000|Safety of<br>Physical<br>infra-<br>structure<br>£000|Skills for<br>Safety<br>£000|Heritage<br>And<br>Education<br>Centre<br>£000|Evidence<br>and Insight<br>£000|Underst-<br>anding Risk<br>£000|Found-<br>ational<br>£000|**2024**<br>**£000**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Atlantic Pacific International<br>Rescue Ltd|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Center of Maritime History|||||||||||||
|Institute for Mediterranean|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Studies|||||||||||||
|IMRF|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Pembrokeshire Coastal Forum<br>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<br>Technology|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Strathclyde University|1|—|—|—|—|—|—|—|—|—|10|**10**|
|HELMEPA|1|—|—|—|—|—|612|—|—|—|—|**612**|
|International Maritime<br>Organization|1|399|—|—|—|—|—|—|—|—|—|**399**|
|University of California Santa<br>Barbara|1|—|—|—|—|—|—|—|206|—|—|**206**|
|Sea Shepherd Global|1|—|—|—|—|—|—|—|—|—|10|**10**|
|Nest Funding for Completing<br>professional certificate courses|1|—|—|—|—|—|—|—|—|—|2|**2**|
|University College London|1|—|—|—|—|—|—|—|—|—|2|**2**|
|Climate Adaptation Works Ltd|1|—|—|—|—|—|—|—|—|—|10|**10**|
|International Congress of<br>Maritime Museums|1|—|—|—|—|—|—|42|—|—|—|**42**|
|ICLEI Africa Secretariat|1|—|—|—|—|—|—|—|21|—|—|**21**|
|UArctic ry - Arctic Maritime<br>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<br>Initiative Limited|1|65|—|—|—|—|—|—|—|—|—|**65**|
|Global Manufacturing<br>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<br>Foundation|1|—|—|—|—|—|—|—|—|—|10|**10**|
|UArctic ry|1|—|—|—|—|—|—|410|—|—|—|**410**|
|GMG Group|1|—|—|—|—|—|—|—|—|—|10|**10**|
|International Maritime Law<br>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<br>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 -<br>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<br>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<br>of<br>grants<br>Lancashire Archives & Local<br>History, Lancashire County<br>Council<br>1<br>Swansea University - A voyage<br>of discovery on the Avon<br>Searider<br>1<br>The Common Room of the<br>Great North - Northern Coal<br>Shipments: Navigating Global<br>Impact in a Warming World<br>1<br>Maritime Archaeological<br>Society of Finland - Identifying<br>Potential "Lloyd's" Shipwrecks<br>on the Gulf of Finland<br>1<br>Gloucestershire Archives -<br>Gloucestershire Mariners<br>1<br>National Life Stories - Exploring<br>Innovations in Maritime Safety<br>1<br>SS Great Britain Trust<br>1<br>Maritime Archaeology Sea Trust<br>- Royal Navy Loss List<br>interlinking with NMRN and<br>MoD Salmo<br>1<br>Aston University<br>1<br>Transaid Worldwide Services -<br>Madereva Salama Zaidi<br>1<br>London South Bank University<br>1<br>National Historic Ships UK<br>1<br>EPFL<br>1<br>RAND Europe Community<br>Interest Company<br>1<br>Travel to International<br>Conference<br>1<br>University of Philippines<br>Visayas Foundation<br>1<br>West Sussex County Council<br>1<br>Grant Adjustments*<br>71<br>Impact of discounting grants<br>awarded in the year|Safety at<br>Sea<br>£000<br>Safety of<br>Food<br>£000<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>(399)<br>(2)|Safety of<br>Digital<br>Systems<br>£000<br>Safety for a<br>sustainable<br>future<br>£000<br>Safety of<br>Physical<br>infra-<br>structure<br>£000<br>Skills for<br>Safety<br>£000<br>Heritage<br>And<br>Education<br>Centre<br>£000<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>—<br>(50)<br>—<br>—<br>—|Evidence<br>and Insight<br>£000<br>Underst-<br>anding Risk<br>£000<br>Found-<br>ational<br>£000<br>—<br>—<br>9<br>—<br>—<br>10<br>—<br>—<br>9<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>10<br>—<br>—<br>9<br>—<br>—<br>10<br>—<br>—<br>10<br>698<br>—<br>—<br>—<br>—<br>2<br>—<br>—<br>10<br>—<br>—<br>7<br>(206)<br>—<br>(1,223)|**2024**<br>**£000**<br>**9**<br>**10**<br>**9**<br>**10**<br>**10**<br>**10**<br>**10**<br>**10**<br>**10**<br>**10**<br>**9**<br>**10**<br>**10**<br>**698**<br>**2**<br>**10**<br>**7**<br>**(1,880)**|
|---|---|---|---|---|
||**6,472**<br>**(2)**<br>(606)<br>—|**—**<br>(50)<br>**—**<br>**3,612**<br>**1,090**<br>—<br>—<br>—<br>(343)<br>—|**1,497**<br>**—**<br>1,285<br>—<br>—<br>(248)|**13,904**<br>**(1,197)**|
||**5,866**<br>**(2)**|**—**<br>**(50)**<br>**—**<br>**3,269**<br>**1,090**|**1,497**<br>**—**<br>**1,037**|**12,707**|



## **9. Grants awarded but not paid** 

|As at 1 July<br>Awarded in the year<br>Unwinding of discounting (note 7)<br>Grant adjustments (note 8)<br>Grant adjustments written back in year and reported within other debtors<br>Paid in the year<br>As at 30 June|**2025**<br>**£000**<br>**28,300**<br>**13,509**<br>**443**<br>**(824)**<br>**112**<br>**(10,636)  **<br>**30,904**|**2024**<br>**£000**<br>25,295<br>14,587<br>389<br>(1,880)<br>—<br>(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)**<br>UK corporation tax<br>Foreign tax<br>Adjustment in respect of prior periods<br>•<br>UK corporation tax<br>•<br>Foreign tax<br>**Total current tax**|**2025**<br>**£000**<br>**185**<br>**32,266**|<br>2024<br> <br>£000<br>29<br>17,098|
||**32,451**<br>**151**<br>**(562)**|17,127<br>(152)<br>(530)|
||**32,040**|16,445|



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



## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 

|**Deferred tax**<br>Origination and reversal of timing differences<br>Adjustments in respect of previous periods<br>**Total deferred tax**<br>**Total tax on net income / (expenditure)**|**23,416**<br>**253**|(1,885)<br>(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**<br>Net income / (expenditure) multiplied by the average standard rate of United<br>Kingdom corporation tax of: 25% (2024: 25%)<br>Effects of:<br>•<br>Pension buy in deferred tax impact*<br>•<br>Tax exempt losses<br>•<br>Overseas rate differences<br>•<br>Goodwill amortisation not deductible for tax purposes<br>•<br>Expenses not deductible for tax purposes<br>•<br>Brought forward unprovided timing differences now recognised in year<br>•<br>Impact of UK qualifying corporate donations<br>•<br>Current year unprovided timing differences<br>•<br>Fair value loss on investment property not subject to tax<br>•<br>Other taxes<br>•<br>Adjustments in respect of prior periods<br>•<br>Lease surrender<br>Group tax charge for year|**2025**<br>**£000**<br>**23,833**<br>**5,958**<br>**24,665**<br>**(2,239)**<br>**309**<br>**7,958**<br>**7,410**<br>**(1,251)**<br>**(1,302)**<br>**5,486**<br>**4,152**<br>**4,721**<br>**(158)**<br>**—**<br>**55,709**|2024<br>£000<br>6,917<br>1,729<br>—<br>(5,524)<br>(1,199)<br>4,462<br>732<br>(298)<br>(5,000)<br>6,583<br>5,720<br>3,665<br>(2,810)<br>4,372|
|---|---|---|
|||12,432|



* Following the UK LRSFA pension buy-in (note 24), an actuarial loss has been recorded below net (expenditure) / income.  The reduction in the deferred tax liability in respect of the reduction in surplus is similarly recorded below net (expenditure) / income.  The deferred tax asset on UK losses of £24.7m has been written off since the offsetting deferred tax liability no longer exists.  The write-off of deferred tax asset has been recorded in the taxation line in the consolidated statement of financial activities, where the benefit was originally recognised. 

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<br>Arising in the year<br>Acquisition of business<br>Foreign exchange differences<br>Assets at 30 June<br>Deferred tax asset (note 19)<br>Deferred tax liability (note 22)<br>**Deferred tax is recognised as follows:**<br>Accelerated capital allowances<br>Deferred tax arising in relation to retirement benefit obligations<br>Tax losses<br>Other timing differences|**2025**<br>**£000**<br>**(9,830)**<br>**(1,150)**<br>**(3,606)**<br>**(108) **|2024<br>£000<br>(1,788)<br>(7,887)<br>—<br>(155)|
||**(14,694) **|(9,830)|
||<br>**(16,407)**<br>**1,713**|(12,688)<br>2,858|
||**(14,694)  **|(9,830)|
||<br> <br>**3,996**<br>**(1,594)**<br>**(10,602)**<br>**(6,494) **|3,773<br>23,249<br>(35,851)<br>(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<br>Social security costs<br>Pension costs (note 24)|Trading<br>funds<br>£000<br>270,302<br>32,029<br>29,910<br>332,241|<br>General<br>funds<br>£000<br> <br>3,461<br> <br>396<br> <br>422<br> <br>4,279|**Total**<br>**funds**<br>**2025**<br>**£000**<br> <br>**273,763**<br> <br>**32,425**<br> <br>**30,332**<br> <br>**336,520**|Total<br>funds<br>2024<br>£000<br>260,414<br>29,875<br>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<br>Trading activities|**2025**<br>**Number**<br>**50**<br>**4,113**<br>**4,163**|2024<br>Number<br>45<br>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: 

- In 2012, Lloyd's Register converted its status from an industrial and provident society to a company limited by shares, with the Foundation created as a new parent to hold the shares in Lloyd's Register Group Limited. One of the principal reasons for this action was to facilitate the furtherance of the charitable goals of Lloyd’s Register. It is the view of the Trustees, that the employment of individuals within the Trading Group has not arisen from the deployment of the resources of the Foundation, but rather it is the endeavours of past and present employees of the Trading Group that have given rise to the ability to create a charity that is financially strong and that is capable of furthering its charitable objectives. The work of the Trading Group contributes to the achievement of the charitable objectives of the Foundation however to do so it is necessary to recruit employees with the necessary skills by offering employee benefits which are competitive within their respective markets. Accordingly, this disclosure is not necessary to enable potential stakeholders to assess whether the balance between expenditure on employment of individuals to generate trading profits (which benefit the charity) and expenditure on charitable purposes is appropriate. 

- The Trading Group had an average of 4,113 employees for the year ended 30 June 2025 (2024: 3,719). These employees are located throughout the world and their salaries reflect local market conditions. Provision of the disclosure required by the Charities SORP for the consolidated group would not aid comparability with other companies in the Charities sector because of the vast geographical diversity of the Trading Group’s employee base and the employee benefits received by Trading Group employees can only be understood in the context of the market trends in the many countries in which the Trading Group operates. The vast majority of the Trading Group’s employees are not in roles which exist in other charitable groups, and therefore any benchmarking against similarly sized charitable groups would not be meaningful for stakeholders. 

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:**<br>At 1 July 2024<br>Additions<br>Disposals<br>Exchange adjustment<br>At 30 June 2025<br>**Amortisation:**<br>At 1 July 2024<br>Disposals<br>Charged during the year<br>Exchange adjustment<br>At 30 June 2025<br>**Net book value:**<br>**At 30 June 2025**<br>At 30 June 2024|Group<br>£000<br>363,574<br>496,070<br>(858)<br>(42,941)|
||815,845|
||63,565<br>(288)<br>32,779<br>(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<br>Current assets<br>Cash and cash equivalents<br>Overdraft<br>Current liabilities<br>Non-current liabilities<br>Total consideration payable<br>Acquisition expenses<br>Net liabilities acquired<br>Goodwill arising on acquisition|Book Value<br>£000<br>1,094<br>22,438<br>57,906<br>(31,650)<br>(55,007)<br>(179,004)<br>(184,223)|Fair Value<br>Adjustments<br>£000<br>—<br>—<br>—<br>—<br>—<br>—<br>—|Fair Value<br>£000<br>1,094<br>22,438<br>57,906<br>(31,650)<br>(55,007)<br>(179,004)|
|---|---|---|---|
||||(184,223)|
||||300,588<br>11,259<br>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<br>Net liabilities<br>Net book value of goodwill disposed<br>Sale proceeds:<br>Deferred consideration<br>Cash received<br>Profit on disposal<br>Net cash inflows in respect of the sale comprised:<br>Cash and cash equivalents received|£000<br>(279)|
|---|---|
||(279)<br>570<br>806<br>104|
||619|
||104|
||104|



## **15. Intangible fixed assets** 

|Cost:<br>At 1 July 2024<br>Additions<br>Exchange adjustment<br>At 30 June 2025<br>Amortisation:<br>At 1 July 2024<br>Charged during the year<br>Exchange adjustment<br>At 30 June 2025<br>Net book value:<br>At 30 June 2025<br>At 30 June 2024|Internally<br>generated<br>software<br>development<br>£000<br>4,203<br>6,183<br>(1,317)<br>9,069<br>769<br>1,991<br>(828)<br>1,932<br>7,137<br>3,434|Software<br>£000<br>59,532<br>4,305<br>—<br>63,837<br>39,176<br>6,785<br>—<br>45,961<br>17,876<br>20,356|**Total**<br>**£000**<br>**63,735**<br>**10,488**<br>**(1,317)**|
|---|---|---|---|
||||**72,906**|
||||**39,945**<br>**8,776**<br>**(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:**<br>At 1 July 2024<br>Additions<br>Acquisition of business<br>Revaluations<br>Disposals<br>Exchange differences<br>At 30 June 2025<br>**Depreciation:**<br>At 1 July 2024<br>Charged in year<br>Disposals<br>Impairment<br>Exchange differences<br>At 30 June 2025<br>**Net book value:**<br>**At 30 June 2025**<br>At 30 June 2024|Investment<br>property*<br>£000<br>68,301<br>6,993<br>—<br>(15,066)<br>—<br>—|Land and<br>buildings<br>£000<br>49,923<br>1,365<br>—<br>—<br>—<br>—|Leasehold<br>improvements<br>£000<br>18,169<br>116<br>8<br>—<br>(23)<br>(471)|Office<br>fittings and<br>equipment<br>£000<br>34,946<br>337<br>14<br>-<br>(827)<br>(364)|Plant and<br>machinery<br>£000<br>3,282<br>279<br>—<br>—<br>—<br>(8)|Computer<br>equipment<br>£000<br>8,843<br>1,425<br>1,072<br>—<br>(245)<br>(339)|Motor<br>vehicles<br>£000<br>905<br>118<br>—<br>—<br>(1)<br>(27)|**Total**<br>**£000**<br>**184,369**<br>**10,633**<br>**1,094**<br>**(15,066)**<br>**(1,096)**<br>**(1,209)**|
|---|---|---|---|---|---|---|---|---|
||60,228|51,288|17,799|34,106|3,553|10,756|995|**178,725**|
||—<br>—<br>—<br>—<br>—|16,523<br>648<br>—<br>1,540<br>—|13,435<br>685<br>—<br>—<br>(457)|31,456<br>985<br>(799)<br>—<br>(348)|1,901<br>166<br>—<br>—<br>(7)|3,419<br>2,023<br>(13)<br>—<br>(111)|662<br>104<br>(1)<br>—<br>(16)|**67,396**<br>**4,611**<br>**(813)**<br>**1,540**<br>**(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<br>In the second to fifth years inclusive<br>After five years|**2025**<br>**£000**<br>**3,363**<br>**7,583**<br>**3,548**|2024<br>£000<br>4,025<br>11,924<br>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:<br>Fixed Interest – UK<br>Fixed Interest – Overseas<br>Equities – UK<br>Equities – Overseas<br>Pooled Funds<br>Derivatives<br>Index linked - overseas<br>Cash Instruments<br>Cash at investment managers and accrued interest<br>Long-term loans<br>Unlisted investments<br>Investments in joint ventures: share of net assets|**2025**<br>**£000**<br>**30,024**<br>**5,178**<br>**23,645**<br>**144,127**<br>**116,033**<br>**326**<br>**1,119**<br>**4,453**<br>**324,905**<br>**3,425**<br>**328,330**<br>**51**<br>**2,856**<br>**331,237**<br>**115**<br>**331,352**|2024<br>£000<br>128,437<br>—<br>12,448<br>318,546<br>105,287<br>(166)<br>—<br>8,071|
|---|---|---|
|||572,623<br>12,486|
|||585,109<br>61<br>2,285|
|||587,455<br>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<br>Additions at cost<br>Disposals proceeds<br>Realised gain / (loss) on disposals<br>Unrealised (loss) / gains<br>At end of year<br>Cash held by investment managers and accrued interest|**2025**<br>**£000**<br>**572,623**<br>**382,124**<br>**(639,439)**<br>**59,226**<br>**(49,629) **<br>**324,905**<br>**3,425**<br>**328,330**|2024<br>£000<br>527,035<br>239,878<br>(241,671)<br>(21,126)<br>68,507|
|---|---|---|
|||572,623<br>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<br>Common Structural Rules Software LLC|**2025**<br>**£000**<br>**115**<br>**—**<br>**115**|<br>2024<br> <br>£000<br> <br>115<br> <br>—|
|---|---|---|
|||<br>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**<br>Cost of sales<br>**Gross profit**<br>Administrative expenses|**2025**<br>**£000**<br>**667,720**<br>**(381,520)**<br>**286,200**<br>**(236,989)**|<br>2024<br> <br>£000<br> <br>546,617<br>(347,338)|
|---|---|---|
|||<br>199,279<br>(214,611)|
|Administrative expenses before exceptional costs<br>Operating profit before exceptional costs<br>Exceptional costs|**(219,864)**<br>**66,336**<br>**(17,125)**|(194,299)|
|||<br>4,980<br>(20,312)|
|**Operating profit / (loss)**<br>Profit on disposal of discontinued operations<br>Share of net operating loss of joint ventures<br>Net investment income<br>Interest payable and similar charges<br>Other finance income<br>**Profit / (loss) before taxation**<br>Taxation on loss<br>**Loss for the financial year**<br>Assets<br>Liabilities<br>**Net Assets**<br>**Shareholder’s funds**|**49,211**<br>**619**<br>**(208)**<br>**683**<br>**(15,950)**<br>**790**<br>**35,145**<br>**(55,709)**<br>**(20,564)**<br>**2025**<br>**£000**<br>**1,341,738  **<br>**(683,324)**<br>**658,414**<br>**658,414**|<br>(15,332)<br> <br>—<br> <br>(759)<br> <br>10,745<br> <br>(44)<br> <br>1,874|
|||<br>(3,516)<br>(12,432)|
|||(15,948)|
|||<br>2024<br> <br>£000<br>1,170,462<br>(404,087)|
|||<br>766,375|
||||
|||<br>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: 

- £11.2m of restructuring costs relating to the globalisation of the Group’s processes which includes £6.5m of redundancy costs. 

- £5.9m of costs associated with the acquisition of OTG and OneOcean integration costs. 

Prior year: 

- £5.7m of restructuring costs relating to the globalisation of the Group’s processes including the implementation and set-up costs of the Global Delivery Centres which includes £1.3m of redundancy costs. 

- £5.2m of costs relating to the transformation of the Group’s Technology and Innovation teams. This includes streamlining and consolidating the Group's IT partners and associated dual running costs and £2.7m of redundancy costs. 

- An update of the assumptions in respect of an onerous lease resulted in a charge of £7.0m and is considered exceptional.  The charge represents the expected costs to settle the lease obligations and impairment of capitalised leasehold improvements. 

- £2.4m of LR OneOcean integration costs. 

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<br>Other debtors<br>Prepayments and accrued income<br>Taxation recoverable<br>**Amounts falling due after more than one year**<br>Deferred tax assets (note 10)<br>**Creditors: amounts falling due within one year**<br>Trade creditors<br>Grants payable<br>Other creditors<br>Other taxation and social security<br>Taxation<br>Overdraft<br>Accruals and deferred income<br>**Creditors: amounts falling due after one year**<br>Grants payable<br>Bank loan|**2025**<br>**£000**<br>**124,735**<br>**11,822**<br>**99,443**<br>**8,602**<br>**244,602**<br>**2025**<br>**£000**<br>**16,407**<br>**2025**<br>**£000**<br>**32,204**<br>**15,363**<br>**6,061**<br>**7,125**<br>**21,831**<br>**40,870**<br>**221,310**<br>**344,764**<br>**2025**<br>**£000**<br>**15,541**<br>**206,157**|2024<br>£000<br>110,607<br>10,041<br>80,016<br>11,641<br>212,305|
|---|---|---|
|||2024<br>£000<br>12,688|
|||2024<br>£000<br>39,657<br>14,220<br>4,968<br>7,885<br>13,779<br>—<br>169,225<br>249,734<br>2024<br>£000<br>14,080<br>—<br>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<br>Due within 1-2 years<br>Due within 2-5 years<br>Due after 5 years<br>Impact of discounting<br>Net grants payable|**2025**<br>**£000**<br>**15,363**|2024<br>£000<br>14,220|
|---|---|---|
||**8,801**<br>**8,898**<br>**150**<br>**(2,308)**|8,909<br>6,892<br>150<br>(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<br>Exchange revaluation<br>Charged to statement of financial activities<br>Credited to statement of financial activities<br>below net (expenditure) / income<br>Utilisation of provision<br>Unwinding of discount<br>At 30 June 2025|Legal<br>claims<br>£000<br>640<br>(11)<br>555<br>—<br>—<br>—<br>1,184|Employee<br>related<br> <br>£000<br> <br>10,066<br> <br>1<br> <br>11,252<br> <br>—<br> <br>(6,777)<br> <br>—<br> <br>14,542|Onerous<br>lease<br> <br>£000<br> <br>18,063<br> <br>—<br> <br>—<br> <br>—<br> <br>(4,039)<br> <br>598<br> <br>14,622|Deferred<br>tax<br> <br>£000<br> <br>2,858<br> <br>390<br> <br>23,449<br> <br>(24,984)<br> <br>—<br> <br>—<br> <br>1,713|Other<br> <br>£000<br> <br>8,259<br> <br>(26)<br> <br>192<br> <br>—<br> <br>(2,615)<br> <br>—<br> <br>5,810|**Total**<br> <br>**£000**<br> <br>**39,886**<br> <br>**354**<br> <br>**35,448**<br> <br>**(24,984)**<br> <br>**(13,431)**<br> <br>**598**|
|---|---|---|---|---|---|---|
|||||||<br>**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**<br>|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: 

- USA: provision of medical insurance for retired employees subject to age qualification restrictions. This benefit is unfunded with an obligation at 30 June 2025 of £0.8m (2024: £0.9m). 

- Korea: provision of a statutory lump sum payable to qualifying employees on leaving service. This is a funded benefit with an obligation at 30 June 2025 of £10.1m (2024: £9.6m), assets of £3.2m (2024: £3.5m) a net obligation of £6.9m (2024: £6.1m). 

- UK: the UK has other benefits schemes. These benefits are unfunded with an obligation at 30 June 2025 of £4.7m (2024: £5.9m). 

Long-term unfunded employee benefits included within provisions are: 

- UK: £8.8m (2024: £7.7m) in respect of the Trading Group’s Executive Directors and Executive Leadership team participation in a Long Term Incentive Plan. 

- Australia: £1.2m (2024: £1.2m) provision for paid sabbatical leave. 

## **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<br>equivalents<br>Equity instruments<br>Debt instruments<br>Other<br>Market value of assets<br>Present value of scheme<br>liabilities<br>Present value of<br>unfunded liabilities<br>Net pension asset /<br>(liability)|United Kingdom<br>**2025**<br>2024<br>**£m**<br>£m<br>**9.9**<br>52.4<br>**—**<br>—<br>**0.9**<br>669.6<br>**560.6**<br>—||Japan<br>**2025**<br>2024<br>**£m**<br>£m<br> <br>**—**<br>—<br>**—**<br>—<br> <br>**—**<br>—<br>**—**<br>—||Eurozone<br>**2025**<br>2024<br>**£m**<br>£m<br>**0.1**<br>0.1<br>**2.4**<br>2.4<br>**2.6**<br>2.6<br>**10.3**<br>10.0||Rest of the World<br>**2025**<br>2024<br>**£m**<br>£m<br> <br>**12.0**<br>12.6<br> <br>**5.0**<br>5.7<br> <br>**33.1**<br>36.5<br> <br>**6.7**<br>6.9|Total<br>**2025**<br>2024<br>**£m**<br>£m<br>**22.0**<br>65.1<br>**7.4**<br>8.1<br>**36.6**<br>708.7<br>**577.6**<br>16.9||
||**571.4**<br>**(562.0)**|722.0<br>(613.4)|<br>**—**<br> <br>**—**|—<br>—|**15.4**<br>**(15.6)**|15.1<br>(16.4)|<br>**56.8**<br>61.7<br> <br>**(52.3)**<br>(55.6)|**643.6**<br> <br>**(629.9)**|798.8<br> <br>(685.4)|
||**9.4**<br>**(4.7)**|108.6<br>(5.9)|<br>**—**<br>**(23.1)**|—<br>(22.5)|**(0.2)**<br> <br>**(33.8)**|(1.3)<br>(35.3)|<br>**4.5**<br>6.1<br> <br>**(38.3)**<br>(53.5)|**13.7**<br> <br>**(99.9)**|113.4<br> <br>(117.2)|
||**4.7**|102.7|<br>**(23.1)**|(22.5)|<br>**(34.0)**|(36.6)|<br>**(33.8)**<br>(47.4)|<br>**(86.2)**|<br>(3.8)|



**The net pension asset is reported on the balance sheet as:** 

|Pension surplus<br>Pension liability<br>Net pension asset<br>**Amounts recognised within income and expenditure (statement of financial activities):**<br>Current service cost<br>Curtailment losses / (gains)<br>Administrative expenses<br>Interest cost on schemes’ liabilities<br>Interest income on schemes’ assets<br>Total amount included under other finance income||**30 June 2025** <br>**£m**<br>**23.3**<br>**(109.5) **<br>**(86.2) **<br>**2025**<br>**£m**<br>**1.9**<br>**—**<br>**3.5**<br>**5.4**<br>**38.3**<br>**(39.7)**<br>**(1.4)**|**30 June 2025** <br>**£m**<br>**23.3**<br>**(109.5) **<br>**(86.2) **<br>**2025**<br>**£m**<br>**1.9**<br>**—**<br>**3.5**<br>**5.4**<br>**38.3**<br>**(39.7)**<br>**(1.4)**|30 June 2024<br>£m<br>123.5<br>(127.3)|
|---|---|---|---|---|
|||||(3.8)|
|||**2025**<br>**£m**<br>**1.9**<br>**—**<br>**3.5**<br>**5.4**<br>**38.3**<br>**(39.7)**<br>**(1.4)**||2024<br>£m<br>1.9<br>0.3<br>3.0<br>5.2<br>39.3<br>(41.7)<br>(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<br>Experience losses<br>Change in assumptions<br>Actuarial loss<br>**Changes in the present value of the defined benefit obligations are as follows:**|**2025**<br>**£m**<br>**(142.9)**<br>**(4.6)**<br>**61.2**|2024<br>£m<br>(12.9)<br>(4.0)<br>(1.5)|
|---|---|---|
||**(86.3)**|(18.4)|
||||



|Opening defined benefit obligation<br>Current service cost<br>Curtailments<br>Interest cost<br>Actuarial gain / (loss)<br>Exchange gain<br>Benefits paid<br>Closing defined benefit obligation|**2025**<br>**£m**<br> <br>**(802.6)**<br>**(1.9)**<br>**—**<br>**(38.3)**<br>**56.6**<br>**3.0**<br>**53.4**|2024<br>£m<br>(810.5)<br>(1.9)<br>(0.3)<br>(39.3)<br>(5.5)<br>4.6<br>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<br>Expected return on plan assets<br>Benefits and expenses paid<br>Employer contributions<br>Actuarial loss on assets<br>Exchange loss<br>Closing market value of plan assets<br>**Financial commitments**<br>In respect of bank guarantees<br>Escrow account for pension schemes|**2025**<br>**£m**<br>**798.8**<br>**39.7**<br>**(56.9)**<br>**9.2**<br>**(142.9)**<br>**(4.3)**|2024<br>£m<br>814.1<br>41.7<br>(53.3)<br>10.6<br>(12.9)<br>(1.4)|
|---|---|---|
||**643.6**|798.8|
||**2025**<br>**£000**<br>**4,392**<br>**—**<br>**4,392**|2024<br>£000<br>4,423<br>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<br>Between two to five years<br>After five years|Land and buildings<br>**2025**<br>2024<br>**£000**<br>£000<br>**8,627**<br>9,041<br>**22,941**<br>24,358<br>**9,277**<br>13,697<br>**40,845**<br>47,096|Land and buildings<br>**2025**<br>2024<br>**£000**<br>£000<br>**8,627**<br>9,041<br>**22,941**<br>24,358<br>**9,277**<br>13,697<br>**40,845**<br>47,096|Other<br>**2025**<br>2024<br>**£000**<br>£000<br>**3,485**<br>3,998<br>**4,762**<br>5,451<br>**—**<br>—<br>**8,247**<br>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**<br>Trading funds<br>General funds<br>Endowment funds:<br>Expendable endowment|Brought<br>forward<br>£000<br>766,375<br>(10,936)<br>313,730|Incoming<br>resources<br>£000<br> <br>683,741<br> <br>7,994<br> <br>—<br>**691,735**|Resources<br>expended<br>£000<br> <br>(637,686)<br> <br>(23,824)<br> <br>(923)<br>**(662,433) **|Other<br>movements<br>£000<br> <br>(154,016)<br> <br>3,156<br>7,285<br>**(143,575)**|**Total**<br>**£000**<br> <br>**658,414**<br> <br>**(23,610)**<br> <br>**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**<br>Trading funds<br>General funds<br>Endowment funds:<br>Expendable endowment|Brought<br>forward<br>£000<br>821,413<br>(16,741)<br>289,102<br>1,093,774|Incoming<br>resources<br>£000<br> <br>562,466<br> <br>9,590<br> <br>—<br> <br>572,056|Resources<br>expended<br>£000<br>(564,890)<br>(23,895)<br>(855)<br>(589,640)|Other<br>movements<br>£000<br> <br>(52,614)<br> <br>20,110<br>25,483<br>(7,021)|**Total**<br>**£000**<br> <br>**766,375**<br> <br>**(10,936)**<br> <br>**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**<br>Trading funds – investment portfolio<br>Trading funds – investment property<br>General fund revaluation reserve<br>Endowment funds:<br>Expendable endowment<br>**30 June 2024**<br>Trading funds – investment portfolio<br>Trading funds – investment property<br>General fund revaluation reserve<br>Endowment funds:<br>Expendable endowment|Brought<br>forward<br>£000<br>23,377<br>7,151<br>7,117<br>91,162<br>128,807|Unrealised<br>gains arising in<br>year<br>£000<br> <br>(23,375)<br> <br>(15,066)<br> <br>(1,929)<br> <br>(24,325)<br> <br>(64,695)|Released from<br>revaluation<br>reserve in year<br>and other<br>movements<br>£000<br> <br>(2)<br> <br>—<br> <br>2,506<br>31,610<br>34,114<br> <br>5<br> <br>—<br> <br>(483)<br> <br>(7,147)<br> <br>(7,625)|**Total**<br>**£000**<br> <br>**—**<br> <br>**(7,915)**<br> <br>**7,694**<br> <br>**98,447**|
|---|---|---|---|---|
|||||<br>**98,226**|
||(10,300)<br>30,031<br>5,395<br>65,679<br>90,805|33,672<br>(22,880)<br>2,205<br>32,630<br>45,627||<br>**23,377**<br> <br>**7,151**<br> <br>**7,117**<br>**91,162**|
|||||**128,807**|



## **29. Fund distribution** 

|Non-current assets<br>Current assets<br>Creditors: amounts falling due within one year<br>Creditors: amounts falling due after one year<br>Provisions<br>Pension deficit<br>Inter-fund balance|Trading funds<br>£000<br>855,617<br>481,446<br>(329,800)<br>(206,157)<br>(37,871)<br>(109,496)<br>4,675|General<br>funds<br>£000<br> <br>8,177<br> <br>3,393<br> <br>(14,964)<br> <br>(15,541)<br> <br>—<br> <br>—<br> <br>(4,675)<br> <br>(23,610)|Endowment<br>funds<br>£000<br> <br>320,092<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br>—<br>320,092|**Total**<br>**at 30 June**<br>**2025**<br>**£000**<br> <br>**1,183,886**<br> <br>**484,839**<br> <br>**(344,764)**<br> <br>**(221,698)**<br> <br>**(37,871)**<br> <br>**(109,496)**<br> <br>**—**<br> <br>**954,896**|
|---|---|---|---|---|
||658,414||||



Lloyd’s Register Foundation: report and financial statements 2025    108 



## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 

|Non-current assets<br>Current assets<br>Creditors: amounts falling due within one year<br>Creditors: amounts falling due after one year<br>Provisions<br>Pension deficit<br>Inter-fund balance|Trading funds<br>£000<br>707,766<br>461,573<br>(236,911)<br>—<br>(39,886)<br>(127,290)<br>1,123|General<br>funds<br>£000<br> <br>6,846<br> <br>10,244<br> <br>(12,823)<br> <br>(14,080)<br> <br>—<br> <br>—<br> <br>(1,123)<br> <br>(10,936)|Endowment<br>funds<br>£000<br> <br>313,730<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br> <br>—<br>—<br>313,730|**Total**<br>**at 30 June**<br>**2024**<br>**£000**<br> <br>**1,028,342**<br> <br>**471,817**<br> <br>**(249,734)**<br> <br>**(14,080)**<br> <br>**(39,886)**<br> <br>**(127,290)**<br> <br>**0**|
|---|---|---|---|---|
||766,375|||<br>**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<br>Profit on disposal of discontinued operations<br>Net interest in the results for the year in joint ventures<br>Pension interest cost<br>Loss on disposal of fixed assets<br>Exchange adjustment<br>Depreciation and impairment charges relating to fixed assets<br>Amortisation and impairment charges relating to intangibles<br>Increase in debtors<br>(Decrease) / increase in creditors<br>Decrease in provisions<br>Foreign tax paid<br>Foreign tax received<br>Defined benefit contributions in excess of funds charges<br>Curtailment (gain) / loss<br>Interest paid<br>Net investment income<br>Cash used in operations|**2025**<br>**£000**<br>**29,302**<br>**(619)**<br>**208**<br>**(1,388)**<br>**30**<br>**11,343**<br>**6,151**<br>**41,555**<br>**(12,092)**<br>**(5,207)**<br>**(1,432)**<br>**(29,112)**<br>**2,726**<br>**(3,720)**<br>**(25)**<br>**15,950**<br>**(24,448) **<br>**29,222**|2024<br>£000<br>(17,584)<br>—<br>759<br>(2,400)<br>70<br>(2,600)<br>8,466<br>26,358<br>(2,265)<br>17,609<br>(3,426)<br>(22,913)<br>900<br>(5,715)<br>275<br>—<br>(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|
||<br>**£000**|**£000**|**£000**|
|**Subsidiaries**||||
|Lloyd’s Register Middle East LLC|<br>957|(801)|(2,957)|
|Lloyd’s Register Oman LLC|<br>97|(298)|2,675|
|Lloyd’s Register Qatar LLC|<br>562|(485)|656|
|Lloyd’s Register Services (Malaysia) Sdn. Bhd|<br>158|(137)|(324)|
|Lloyd’s Register Algeria SARL|<br>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|
||<br>**£000**|**£000**|**£000**|
|**Subsidiaries**||||
|Lloyd’s Register Middle East LLC|<br>1,100|(489)|(1,521)|
|Lloyd’s Register Oman LLC|<br>45|(355)|2,526|
|Lloyd’s Register Qatar LLC|<br>333|(91)|1,334|
|Lloyd’s Register Services (Malaysia) Sdn. Bhd|<br>226|(8)|(176)|
|Lloyd’s Register Algeria SARL|<br>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**<br>**Country of Origin**|**Registered Address**<br>**% of Ownership**<br>71 Fenchurch Street, London,<br>England, EC3M 4BS<br>100<br>100<br>50<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>Kingswells Causeway, Prime<br>Four Business Park, Kingswells,<br>Aberdeen, Scotland, AB15 8PU<br>100<br>100<br>100<br>100<br>100<br>Polygon Hall, Le Marchant<br>Street, St Peter Port, GY1 4HY,<br>Guernsey<br>100<br>Level 1, IFC1, Esplanade, St.<br>Helier, JE2 3BX, Jersey<br>100<br>Business Center Tower - Algeria<br>Business Center – 11e Etage,<br>Pins maritimes, Mohammadia,<br>Algiers, Algeria<br>49|
|---|---|
|Classification and Quality Services Ltd<br>UK<br>Classification Holdings Ltd<br>UK<br>Lloyd’s Maritime Information Services Ltd<br>UK<br>Lloyd’s Register Asia<br>UK<br>Lloyd’s Register Asia Trustees Limited<br>UK<br>Lloyd’s Register Central and South America Ltd<br>UK<br>Lloyd’s Register EMEA<br>UK<br>Lloyd’s Register EMEA Trustees Ltd<br>UK<br>Lloyd’s Register GMT Ltd<br>UK<br>Lloyd’s Register Group Limited<br>UK<br>Lloyd’s Register Group Services Limited<br>UK<br>Lloyd’s Register International<br>UK<br>Lloyd’s Register Limited<br>UK<br>Lloyd’s Register Nominee 1 Ltd<br>UK<br>Lloyd’s Register Nominee 2 Ltd<br>UK<br>Lloyd's Register of Shipping Trust Corporation Limited<br>UK<br>Lloyd's Register Trust Corporation Limited<br>UK<br>Lloyd’s Register Superannuation Trustees Ltd<br>UK<br>Seasafe Marine Software & Computation (UK) Ltd<br>UK<br>Lloyd's Register Marine Limited<br>UK<br>Safetytech Accelerator Limited<br>UK<br>Lloyd’s Register Maritime Decarbonisation Hub Limited1<br>UK<br>IT Energy Systems and Consulting Limited<br>UK<br>Ensign Holdco 1 Limited<br>UK<br>Ensign Holdco 2 Limited<br>UK<br>Ensign Holdco 3 Limited<br>UK<br>Ensign Holdco 4 Limited<br>UK<br>OneOcean Group Limited<br>UK<br>Regs4Ships Limited<br>UK<br>Regs4Yachts Limited<br>UK<br>Shipping Guides Limited<br>UK<br>Orion Midco Limited<br>UK<br>Orion Pledgeco Limited<br>UK<br>LR Orion Bidco Limited<br>UK<br>Pelican Topco Limited<br>UK<br>Pelican Holdco Limited<br>UK<br>Ocean Technologies Group Limited<br>UK<br>Marlins Training Limited<br>UK<br>Canopus Bidco Limited<br>UK<br>Tero Marine UK Limited<br>UK<br>Pelican Bidco Limited<br>UK<br>Ocean TG UK Limited<br>UK<br>Lloyd’s Register Finance Limited<br>UK<br>LR 1760 (1) Limited<br>UK<br>Interactive Petrophysics Limited<br>UK<br>LR 1760 (2) Limited<br>UK<br>Lloyd’s Register Aligned Services Limited<br>UK|71 Fenchurch Street, London,<br>England, EC3M 4BS|
||Kingswells Causeway, Prime<br>Four Business Park, Kingswells,<br>Aberdeen, Scotland, AB15 8PU|
|71FS Insurance Company Limited<br>GUERNSEY<br>Orion Holdco (Jersey) Limited<br>JERSEY<br>Lloyd's Register Algeria SARL<br>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||



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## 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||



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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 

|**Company**<br>**Country of Origin**|**Registered Address**<br>**% of Ownership**<br>Al. Zwyciestwa 13a, 80-219,<br>Gdansk, Poland<br>100<br>Rondo Organizacji Narodow<br>Zjednoczonych, 1, Xxv P.,<br>Warszawa, 00-124, Warszawa,<br>Poland<br>100<br>Al Rayyan Complex, Excellence<br>Tower, 22nd Floor, Office No.<br>2204, Al Shatt Street 850,<br>Onaiza Zone 63, Bdg No. 10, PO<br>Box No. 10285, Westbay, Doha,<br>Qatar<br>49<br>158 Mamaia Boulevard, room 3,<br>2nd floor, Constanta, Romania<br>100<br>Ground Floor, 10 Farului Street,<br>Constanţa, Romania<br>100<br>Novotel Business Park, King<br>Fahd Bin Abdulaziz Road 4292,<br>Northern Khalidiya District<br>6140, Dammam, 32232, Saudi<br>Arabia<br>100<br>Vojvode Stepe 78, Beograd,<br>Serbia<br>100<br>~~9~~North Buona Vista Drive,<br>~~#~~02-01, The Metropolis, 138588,<br>Singapore<br>100<br>100<br>100<br>100<br>315 Outram Road, #15-03 Tan<br>Boon Liat Building, 169074,<br>Singapore<br>100<br>100<br>7 Temasek Boulevard, #37-01B<br>Suntec Tower One, 038987,<br>Singapore<br>100<br>#17-02A Keck Seng Tower, 133<br>Cecil Street, 069535, Singapore<br>100<br>100G Pasir Panjang Road, ~06-<br>27, 28 Interlocal Centre,<br>118523, Singapore<br>100<br>Príncipe de Vergara Street,<br>number 211, stair 2, 1st floor,<br>5th door, Madrid, Spain<br>100<br>Göteborgsvägen, 74 433 63,<br>Sävedalen, Västra Götaland,<br>Sweden<br>100<br>14F., No 137, Sec. 2, Nanjing E.<br>Road. Zhongshan Dist. Taipei<br>City 104475, Taiwan<br>100<br>14F., No 137, Sec. 2, Nanjing E.<br>Road. Zhongshan Dist. Taipei<br>City 104475, Taiwan<br>100<br>19 Mayis Mah. Ataturk Caddesi,<br>Sitkibey Plaza, No 82 Kat 3 No.<br>12, Kadiköy, Istanbul, Turkey<br>100<br>63 Bolshaya Morkskaya Street,<br>Office 203, Mykolaiv, 54001,<br>Ukraine<br>100<br>Khalifa Bin Zayed The First, 312<br>St. Al Danah, Abu Dhabi 22207,<br>UAE<br>49<br>The Blue Tower Building,<br>Khalifa Street, Abu Dhabi, UAE<br>49<br>820 Gessner Road, Suite 300,<br>Houston, Texas 77024, USA<br>100|
|---|---|
|Lloyd’s Register Marine Polska Sp Zoo<br>POLAND<br>Vesopt Poland Sp Zoo<br>POLAND<br>Lloyd’s Register Qatar LLC<br>QATAR<br>Lloyd’s Register (Romania) SRL<br>ROMANIA<br>Ocean Technologies Group Srl<br>ROMANIA<br>Lloyd’s Register Saudi Arabia Ltd<br>SAUDI ARABIA<br>Lloyd’s Register D.O.O. (Beograd)<br>SERBIA<br>Lloyd’s Register Singapore Pte Limited<br>SINGAPORE<br>Lloyd’s Register Pte. Ltd<br>SINGAPORE<br>Marine Press Asia Pacific Pte Ltd<br>SINGAPORE<br>OneOcean Maritime Solutions Pte Limited<br>SINGAPORE<br>Maritime Training Services Singapore Pte Ltd<br>SINGAPORE<br>Seagull Maritime Information Technology Pte Ltd<br>SINGAPORE<br>Ocean TG Singapore Pte Ltd<br>SINGAPORE<br>Ocean Tech Asia Pte Ltd<br>SINGAPORE<br>Videotel Pte. Ltd.<br>SINGAPORE<br>Ocean TG Spain S.L.U.<br>SPAIN<br>OneOcean AB<br>SWEDEN<br>Lloyd’s Register Marine Taiwan Ltd<br>TAIWAN<br>Lloyd’s Register Marine Consulting Taiwan Co., Ltd<br>TAIWAN<br>Lloyd’s Register Gozetim Ltd Sti<br>TURKEY<br>Lloyd’s Register (Ukraine)<br>UKRAINE<br>Lloyd’s Register Middle East LLC<br>UAE<br>Lloyd’s Register Middle East & Africa Advisory Services LLC<br>UAE<br>Lloyd’s Register Americas, Inc.<br>USA||



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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 

|**Company**<br>**Country of Origin**|**Registered Address**<br>**% of Ownership**<br>16855 Northchase Drive,<br>Houston,TX77060,USA<br>50<br>820 Gessner Road, Suite 300,<br>Houston, Texas 77024, USA<br>100<br>100<br>100<br>300 Creek View Road, Suite 209,<br>Newark, DE 19711, USA<br>100<br>2500 WESTLAKE AVE N SUITE K<br>SEATTLE WA 981092262, USA<br>100<br>Suite 450 PetroVietnam Tower,<br>8 Hoang Dieu Street, Ward 1,<br>Vung Tau City, Ba Ria, Vung-Tau<br>Province, Vietnam<br>100|
|---|---|
|Common Structural Rules Software LLC<br>USA<br>Lloyd’s Register North America, Inc.<br>USA<br>Lloyd’s Register Americas Advisory Services, Inc.<br>USA<br>Lloyd’s Register Technical Services, Inc.<br>USA<br>i4Insight, Inc<br>USA<br>Ocean Technologies Group USA Inc.<br>USA<br>Lloyd’s Register Asia (Vietnam) Company<br>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