Charlty reglstratlon number., 1170548 Space Science And Engineering Foundation (A Charitable Incorporated Organlsatlon) Annual Report and Flnancial Statements for the Year Ended 31 August 2022
Space Science And Engineering Foundation Contents Referen and Administrative Detalls Trustees, Report 2to3 Statement of Trustees, Re5tK)nsibilities Independent Examlner's Report statement of Flnanclal Actlvltles Bala Sheet Notes to the Flnanclal Statements 8t017
Space Science And Engineering Foundation Reference and Administrative Details ChaÉrman Jlan He Trustees Jlan He Katherine Helen Ollver Dr Richard Charles Ghall Trisha Saxena Allson Leonle Ahearn Dr Elizakth Luthman Senlor Management I Leadershlp Team Dr Davld Dangoor, Honorary Presldent Jennlfer Lyons, Director of Educatlon and Outreach Charity Registration Number 1170548 Principal Office London SW7 2AZ Independent Examlner Crane & johnston Ltd chartered Certlfled Accountant 30-32 Trebarwlth Crescent Newquay Cornwall TR7 IDX Bankers HSBC Covent Garden 16 Klng Street Covent Garden London WC2E 8JF Page I
Space Science And Engineering Foundation Trustees, Report The trustees present the annual rep)rt together wlth the financial statements of the charlty for the year ended 31 August 2022. Objectives and activities Objeds and aims To broadly support sclence, spa, envlronmental and engineering education In the UK, and to promote these subjects as car*r cholces, To run free-to-enter events that are based on an industry simulatlon, and are student led, differing substantially from normal school prog¥ammes, To support the UK spa Deslgn Competltion (UKSDC) and the Envlronmental Design Challenge (EDC) for 15-18 year olds, and tr) alsQ SUPlX)rt Galactic Challenge5 and Ecomeets for 7 -14 year old students. All these events are carrled out In conjunctton with other schoo15 and unNersities, and we supply judges, badges, certlflcates and competition materials, A Natlonal Flnals for the UKSDC Is held annually In March at Imperlal College London for qualifyiFVJ teams and twelve students, with the SSEF 5upporL will bè selected to travel to the International Space Settlement Doslgn Competition (ISSDC) held al NASA'S Kennedy Space Center. The charity also supports the EU Space Design Competition (EUSDC} and MEA (Middle East and Af¥lca) SDC'5 and selects two further teams to attend the ISSDC In July. In addition the charity and its volunteer5 help schools run thelr own competltlons purely for educatlonal purposes. Objectives strategies andactlvitles Revlew ofActivities Events took place both onllne and In person, with in excess of 2,000 students taking part. The charity contlnues to have a balan of state sch(x)Is and private schools, and similarly the gender mix, whlle variable, is generally equal, A large proportion of our volunteers for the charity are alumni of prevlous competitions who have gone on to university, and their input is invaluable in keeping the competition up to d43te with the latest social media, as well as 5uppEying judges, CEO'S and technical assistants for the runnlng of the regionals, finals and Galactic Challenges. Some events are now fully alumni led, and thls has enabled us to extend our reach to new venues. Our alumni also provide much of the Intellectual property for the competitlons. Thls year the charity supported 14 live events and 10 online ones. 347 individual sLudents were invited to UK, EU and Africa SDC Flnals, 32 of the 36 students selected to represent their national teams were able to attend the international finals held at the Kennedy Space Center, with the remaining 4 participating online, Page 2
spa Science And Engineering Foundation Trustees. Report (continued) Publicbenefit The trustees confirm that they have referred to the gUIdan contalned In the Charlty Commlsslon general guldance on public beneflt when reviewlng the charity's alms and obJectlves and In plannlng future actlvitles and proJerts. (Xjr maln aciivltles and who we alm to help are ouuined above, Flnancial review Total Income for 2022 amounted to E377,316 (£98,135 - 2021), an increase In £279,181, which relates to the summer GSDC camp being offered by charlty thls year. The total expenditure for 2022 was £214,139 ( £103,536 - 2021) an increase in £110,603 which relates to the summer camp activities thls year. Overall, the clkiAty had a surplus of £163,177 {£5,401 defldt - 2021) for the year ending 31 August 2022, Policyon reserves The trustees have assessod the major rlsks to whlch the charfty Is exposed, Irh particular those related to the operations and finaiices and student safety of the charity and are satlsfled that systems are in pla to mitigate our exposure to the major rtsks. Structural govemance and management Nature ofgoverning document The chaty trustee5 are compllant with the requlrements of the Chadties Act 2011 wlth regard to the keeplng of accounting records, to the preparatlon alld suutiny of statements of account, alld to the preparatlon tsf anrnal reports and retums. Recruitmentandappointment oftrustees Trustees complete a skllls audlt to Identlfy any gaps that may need to be filled by new trustees. posts are advertlsed accordlngly. Inductlon andtrainliig of tmstees Prospectlve trustees are required to read and compw with all requlrements as lald down by the Charlty Commisslon Includlng understandlng the Essentlal Requlr 4É,TEeeS 16/02/2024 ¥1 $,.24..U6FM UTC The annual report wa5 apprtwed by the trustees of the charlty on behalf by.. and signed on Its SIGNED EGURELY 1611212024atl..24.,Q6PMvrc Katherlne Helen Ollver TrLfStee Page 3
Space Science And Engineering Foundation Statement of Trustees. Responsibilities The trustees are re5ponslble for preparing the trustees, report and the flnanclal statements In accordance with United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accountlng Practi) and applltable law and I'egulatlons. The law applicable to charities requires the trustees to prepare flnanclal statements for each financlal year which give a true and fair view of the state of affairs of the charity and of the incomirKJ resources and appllcation of resources of the charSty for that period. In preparlng these financial ststements, the trustees are required to.. select suitable accounting policies and then apply them conslstently; observe the methods and prlnclples In the Charltles SORP. make Judgements and estlmates that are reasonable and prudent,. State whether applicable cOUntIng standard5 have been followed, subject to any material departures disclosed and explalned In the flnancial statements, and prepare the financial statements on the going concern basls unless It Is Inapproprlate to pSuMe that the charlty wlll contlnue In buslness. The trustees are resporslble for keeping proper accounting records that disclose wlth reasonable accuracy at any tlme the flnandal position of the charlty and enable them to ensure that the flnanclal statements comply wlth the Char5tles Act 2011, the Charltles (Accounts and Reports) Regulatlons 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the Eh8rlty and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irregularities. The trustees are responsible for the malntenantr and Integrity of the corporate and financlal information included on the charitable campany's website. LegislatlDn governirvJ the preparation and dissemination of financial statements may dlffer from leg151ation In other jurlsdlctions. Page 4
Space Science And Engineering Foundation Independent Examiner's Report to the trustees of Space Science And Engineering Foundation I report to the trustees on my examlnation of the accounts of spa scIen And Engineering Foundation for the year ended 31 August 2022. Responsibilities and basls of report As the charlty trustees of Space scien And Englneering FoundatK)n you are responslble for the preparatlon of the accounts In accordance with the requirements of the Charities Act 2011 ('the Act,). I report In respect of my examination of the Space scien And Engineering Foundation's accounts carried out under 5ectlon 145 of the 2011 Act and In carrying out my examlnation I have followed all the appllcable Dlrectlons given by the Charity Commission under sectlon 145{51(b) of the Act. Independent examlner's statement sIn spa Sclence And Engineering Foundation's gross income exceeded £250,000 your examiner must be a member of a bcdy Ilsl'ed In secl'lon 145 of the 2011 Act. I confirm that I am qualifled to undertake the examlnatlon because I am a member of Crane & Johnston, which is one of the listed bodies. have completed my examination. I conflrm that no material matters have come to my attention in connectlon wlth the examlnation glvlng me cause to iElieve that in any mal'erial respect: l. accounting records were not kept In respect of spa Sdentr And Englneering Foundation as required by section 130 of the Act,. or 2. the accounts do not accord wlth those records; or 3. the accounts do not comply with the accounting requirements CollrnIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulatlons 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter consldered as part of an independent examination. I have no COnrS and have come across no other matters In connectlon wlth the examination to which attention should be drawn In thls report In order to enable a proper understanding of the accounts to be reached. Neil Hallam FCCA Chartered Certlfled Accountant Crane & Johnston 30-32 TrebaNSth Crescent Newquay Cornwall TR7 IDX Page 5
Space Science And Engineering Foundation Statement of Financial Activities for the Year Ended 31 August 2022 Totsl 2022 Total 2021 Unrestrlcted Note Income and Endowments from: Donations and legacies Charitable activltles other income 163,540 213,776 163,540 213,776 97,505 630 Total Income 377 316 Expenditure on: Charitable actlvities 214 139 214 139 103 536 Total expendlture Net movement in funds 214 139 214 139 103 536 163,177 163,177 (5,401) Reconclllatlon of funds Total fundg brought forward Total funds carrted forward 17 231485 231485 All of the charlty's actlvltles derlve from contlnulng operatlons durlng the above iwo perlods, Tre funds breakdown for 2021 is shown in note 17. The notes on pages 8 to 17 form an Integral part of these flnanclal Statements. Page 6
Space Sclence And Englneering Foundation (Registration number 1170548) Balance Sheet as at 31 August 2022 2022 2021 Note Flxed assets Intanglble assets Tanglble assets li 12 9,800 9,800 Current assets Debtors Cash at bank and In harld 13 14 41,699 210 513 24,558 252,212 79,069 Creditors: Amounts falling due within one year 15 Net current assets Net assets 231485 Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 17 CUREL 16/Tr/y@y4al statements on pages 6 to 17 were approved by the trustees, and authorfsed for Issue on slgned on their behalf by.. SIGD8EcURELy 1610W2024 1..24..£1pII UTC Katherine Helen Oliver Trustee The notes on pages 8 to 17 form an Integral part of these tlnanclal statements, Page 7
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 l Accountlng policies Statement of compllance The flnancial statements have been prepared in accordance with the second edition of the Charitie5 statement of Recommended Practke Issued In October 2019, the Financial Reporting Standard applicable in the United Kingdom Republic of Ireland {FRS 102) and the Charlties Act 2011. Basis of preparatlon Space scien And Engineering Foundatlon meets the definltion of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention wlth Items recognised at cost or transactlon value unless Otherw1 ststed in the relevant note(s) to these accounts. Going concern The trustees consider that there are no material unrtaintieS about the charity'5 ability to continue as a going COnrn. Income and endowments Voluntary Incimne Includlng donatlons, glfts, legacie5 and grants that pyovlde core fundlng or are of general nature Is recognlsed when the charlty has entltlement to the Income, it Is probable that the Income will be received and the amount can be measured wlth sufflclent reliability. Donations andlegacies Donations and legacie5 are recogni5ed on a re1vable ba515 when recelpt Is probable and the amount can be reliably measured. Grants recelvable Grants are reccgnised when the charity has an entitlement to the funds and any condltlons linked to the granl's have been met. Where performall condilions are atlached to the grant and are yet to be me¢ the income is recognised as a liability and included on the balance sheet as deferred income to be released. Charitable actI"t105 Charitsb5e expenditure comprlses those costs Incurred by the charity Sn the dellvery of Its actlvltles and service5 for its beneflciarle5. It Includes both costs that can be allocated dlrectly to such actlvltles and those costs of an Indlrect nature ne$Sary to support them. Page 8
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 {continued) Expendlture All expenditure Is recognlsed On there Is a legal or constructlve obllgatlon to that expendlture, it is probable settlement is requlred and the amount can be measured reliably. All costs are allocated to the appllcable expenditure heading that aggregate similar costs to that category. Where costs cannot directly attributed to partlcular headlngs they have been allocated on a basls con51stent wilh the use of resources, with central staff costs allocated on the basls of time spent, and depreciation charges allocated on the rK)rtk)n of the asset's use. Other support costs are allocated based on the spread of staff costs. Governance costs These Include the costs attributable to the charity's compliance wlth constltutlonal and statutory requirements, inclLfding independent examlnation, strategSc management and trustees meetlngs and reimbursed expenses. Government grants Government grants are recogni5ed based on the accrual model and are measured at the falr value of the asset received or re1Vable. Grants are classified as relatlng elther to revenue or to a55els. Grants relating to revenue are recognlsed In income over the period in which the related costs are recognlsed. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relatlng to an asset is deferred, it is recogni5ed as deferred income. Taxation The charlty Is consldered to pass the tests set out irb Paragraph I Schedule 6 of the Flnance Act 2010 and therefore It moets the deflnltlon of a charlty ft)r UK cortx)ration tax purposes. Accordlngly, the charity Is potentially exempt from taxation In reswt of Income or capltal galns receNed within categorles covered by chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such income or gains are applied excluslvely to charitable purposes, Intanglble assets Intangible assets are stated In the Balance Sheet at cost less accumulated amorti5ation and impairment. They are amortised on a straight line basis over thelr estlmated useful lives, TangÈble fixed assets Indivldual flxed assets costlng £250.00 or more are Inltlally recorded at cost, less any subsequent accumulated depreclation and subsequent accumulated Impalrment losses. Depreclatlon and amortlsatlon Depreciation is provided on tsngib5e fixed assets 50 as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset clas$ Office Equipment Depreclatlon method and rate 200h Reducing Balan Page 9
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) Cash and cash equivalents Cash and cash equivalents comprlse cash on hand and call dep051ts, and other short-term hlghly liquid investments that are readily convertlble to a known amount of cash and are subject io an Inslgnlficant risk of change In value. Trade credltors are obllgations to pay for go(Kis or servlces that have been acqulred In ordlnary course of buslne5s from suppllers. Accounts payable are classlfled as current Ilablllties If the does not have an unconditlonal right, at the end of the reporting perlod, to defer settlement of the credltor for at least iwelve months after the reporting date. If there Is an unconditional right to defer settlement for at least twelve months after the reportlng date, they are presented as non-current liabllltles. re recognlsed Inltialty at the transactlon pr1 and subsequently measured at amortlsed cost uslng the effective Interest meth(xJ, Fund structure Unrestricted income funds are general funds that are avallable for use at the trustees dlscretion In furtheran of the objectlves of the charity, Penslons and other post retlrement obllgatlons The charity ope¥ates a defined contribution penslon sCme whlch Is a pension plan under which flxed contrlbutions are paid Into a penslon fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee servlce in the current and prior periocjs. Contributions to defined contrlbutSon plans are recognised In the Statement of Flnanclal Actlvities when they are due. If contribution payments exceed the contribution due for 5eNice, the ex5 Is recognised as a prepayment. Financial instyuments Classification Financial assets al financial Ilabilltles are recognlsed when the charlty becomes a party to the contractual prov1s1o5 of the instrument, Financial liabilitEs and equlty Instruments are classlfled accordlng to the substance of the contractual arrangements entered Into. An equlty Instrument Is any contract that evidences a resldual interest In the assets of the charlty after deductlng all of Its Ilabllltles. Page 10
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) Recognition andmeasurement All flnancial assets and liabilitles are inltially measured at tran5actlon prlce (including transactlon Costs), except for those financial assets classifled as al fair value through profit or Ios5, which are initlally measured at fair value (whKh is normally the transaction pri excluding transaction costs), unless the arrangement constitutes a financing transactlon, If an arrangement constitutes a financlng transactlon, the financial asset or financlal Ilablllty 15 measured at the present value of the fure payments discounted at a market rate of interest for a slmilar debt Instrument. Financlal assets and liabilities are only offset In the statement of financial position when, and only when there exists a legally enforable rlght to set off the recogni5ed amounts and the charlty Intends either to settle on a net basis, or to reallse the asset and Settle the liabillty simultaneously. Flnancial assets are derecognised when and only when a) the contractual rights to the cash flows from the flnancial asset expire or are settled, b) the charlty transfers to another party substantially all of the risks and rewards of ownershlp of the financlal asseL Of c) the charity, despite having retained some, but not all, significant risks and reward5 of ownership, has transferred control of the asset to another party. Financlal liab115tles are derecognised only when the obllgatlon spedfted In the contract is discharged, cancelled or expires. 2 Income from donations and legaaes Unrestrlcted funds General Total funds Donations and legacies,. Donations from indivlduals Grants, Including capital grants,. Grants from other charitles 153,540 153,540 Total for 2022 163 540 163 540 Total for 2021 3 Income from charitable activitles Unrestrlcted fund$ General Total funds Global Spatr Design Challenge 213 776 213 776 Total for 2022 213 776 213 776 Page 11
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 4 Expenditure on charltable actlvltles Vnrestrlcted funds General Total funds Note staff welfare Rent Insuran Telephone and fax Computer sofLware and mainanTr costs Prlntlngi Postage and stationery Trade subscrlptlons Sundry expenses Travel and subslstence Hotel accommodation Advertising Lecturer fees Management fees Legal and professional fees Bank charges Depreciatlon of Offl equipment Staff cost5 Governan costs iii 24,789 353 iii 24,789 353 1,068 929 203 124 1,068 929 203 124 79 19,663 6,159 694 55,962 18,700 383 79 19,663 6,159 694 55,962 18,700 383 61 61 255 80,283 255 80,283 Totsl for 2022 214 139 214 139 Total for 2021 103 536 103 536 Page 12
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 5 Analysis of governance and support Costs Governance costs Unrestricted funds General Total funds Independent examlner fees Examination of the financlal statements Other fees pald to examiners 1,250 1,250 Total for 2022 Total for 2021 6 Net Incomingloutgoillg resources Net incomingl(outgolng) resources for the year include: 2022 2021 Depreciatlon of flxed assets 255 7 Trustees remuneration and expenses During the year the charity made the following transactions with trustees.. Katherine Helen Ollver Katherlne Helen Oliver recelved remuneratlon of £2,700 (2021.. £Nil) durlng the year. Supply of se¥vkes as a computer consultant. No trustees have recelved any reimbursed expenses or any other beneflts from the charlty during the year. Page 13
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 8 Stsff costs The aggregate payroll costs were as follows.. 2022 2021 staff costs durlng the year were: Wages and salaries Soclal security costs Pension costs 76,893 1,541 55,421 1,292 The monthly average number of persons (Includlng senior management I leadership team) employed by the charlty during the year expressed as full tlme equivalents was as ft)Ilows', 2022 No 2021 No Average number of employees durlng the year No employee r1Ved emoluments of more than £60,000 during the year 9 Independent examlner's remuneratlon 2022 2021 Examination of the financlal staterrEnts 720 other fee5 to examlners All other serv1$ IOTaxation The charlty is a reglstered charity and Is therefore exempt from taxation. Page 14
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 11 Intangible fixed assets other Intangible asset Total Cost At I September 2021 At 31 August 2022 9,800 9,800 Amortisatlon At 31 August 2022 Net book value At 31 August 2022 At 31 August 2021 12Tangible flxed assets Furniture and equipment Total Addltlons At 31 August 2022 Depreciatlon Charge for the year At 31 Altgust 2022 255 255 255 255 Net book value At 31 August 2022 13 Debtors 2022 2021 other debtors Page 15
Space scien And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 14Cash and cash equlvalents 2022 2021 Cash at bank 210 513 15 Credltors.. amounts falllng due wlthln one year 2022 2021 Trade credltors Other taxatlon and 50clal securlty other credltors Accruals 254 8,606 19,436 (240) 7,639 12,444 720 16 Pension and other schemes Defined contrlbutlon penslon sdleme The charity operates a defined contribution penslon scheme. The penslon c05t charge for the year represents contributions payable by the charity to the scheme and amounted to £1,849 (2021 El,356). 17Funds Balance at i September 2021 Balance at 31 August 2022 Incomlng resources Resources expended Unrestrlcted funds General 377 316 214 139 231485 Balance at i September 2020 Balance at 31 August 2021 Incomlng resources Resources expended Unrestricted funds General 98 135 103 536 Page 16
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2022 (continued) 18Analysis of net assets between funds Unrestricted funds General Total funds at 31 August 2022 Intanglble fixed assets Tanglble fixed assets Current aetS Current liabilities 9,800 1,019 252,212 9,800 1,019 252,212 Total net assets 231485 231485 Unrestrlcted Total funds funds at 31 August General 2021 Intangible fixed assets Current asset5 Current liabilities 9,80C) 9,800 li 79,069 79,069 Total net assets 19 Controlllng Entity The trustees of the Charlty have day to day control over actIvit5. However, they are subject ta the declsions taken by members at general meetlng5. There are currently 300 volunteer members. Page 17