Charity reglstratlon number: 1170548 Space Science And Engineering Foundation (A Charitable Incorporated Organisatlon) Annual Report and Financlal Slatements for the Year Ended 31 August 2023
Space Science And Engineering Foundation Contents Refererbce and Admlnistrative Detalls Trustee5' Report 2to4 statement of Trustees, Responsibilltles Independent Examlnerfs Report statement of Flnanclal Actlvlties Balance Sheet Notes to the Flnanclal Statements 9t0 19
Space Science And Engineering Foundation Reference and Administrative Details Chairman Shayne Shaneelslngh Beegadhur Trustees Katherine Helen Oliver Dr Richard Charles Ghall Dr E112abeth Luthman Shayne Shanee15ingh Beegadhur Louls John Lyle Dr Wllllam Jeremy Curtis Senlor Management I Leadership Team Dr David Dangoor, Honorary Presldent Jennifer Lyons, Director of Education and Outreach Charity Registration Number 1170548 Pylnclpal Office London SW7 2AZ Independent Examiner Crane & lohnston 3(k32 Trebamith 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 report together with the financial staterrEnts of the charity for the year ended 31 August 2023. The flnandal statements have been prepared in accordance wlth the accounting pollcles set out in note I to the flnancial statements and comply with the Charity's Trust deed, the Charitie5 Act 2011 and Accounting and Re¥yJrting by Charities,. Ststement of Recommended Practlce applicable to charitie5 Prepang their accounts In accordan with the Flnanclal Reporting 5tsndard appllcable in the UK and Republlc of Ireland (FRS 102). ObJect¢ves and actlvities Objects and aims To broadly support sclence, space, environmental and engineering educatlon In the UK, and to promote these subjects as career choices, To run free-to-enter events that are based on an industry simulatlon, and are sludenl led, differlng substantlally from normal school programmes. To support the UK Space Design Competitlon {UKSDCI and the Environmental Design challenge (EDC) for 15-18 year olds, and to also support Galactic Challenge5 and Ecomeets for 7 -14 year old students. All these events are carried out In conjunction with other schools and universities, and we supply judges, badges, rtIficateS and competition materlals, Objectives strategles andactlvities Revlew ofArtiwts A Natlonal Finals for the UKSDC Is held annually In March, hostlng the winnlng teams from all of the regional events. Twelve students, wltffi the spa SCIen And Engineering Foundation (SSEFI SUPPOrt, will be selected to travel to the International spa Settlement Design Competitlon (ISSDC) held at NASA'S Kennedy Space Center. The charity also supports the EU Space Deslgn Competition (EUSDC) and AFSDC l Africa SDC), selecting two further teams to attend the ISSDC In July 2023. In additlon, the charlty and its volunteers help schools run thelr own competitions purely for educatlonal purposes. In addition to continuing wlth competitlons in Cardlff, Eastbourne, Liverpool, London (tsvo venues), Oxford and York, this year the SSEF added events at the Universltles of Exeter, Glasgow and Bristol. A digltsl event was also offered for those who could not attend an in person event. The charity contlnues to have a balan of stats schools and prlvate schools, and slmllarly the gender mlx Is generally equal. A large proportlon of our volunteers for the charity are alumnl of previous competitions who have gone or) to unlverslty, and their input is Invaluable in keeplng the competllion up to date with the latest social medla, as well as supplying judges and CEO'S for the runnlng of our events. Some events are now fully alumnl led, and this has enabled us to extend our reach to new venues. Our alumnS also provide much of the intellectua5 property for the events. Page 2
Space Science And Engineering Foundation Trustees, Report (continued) Public benefryt The trustees confim that they have referred to the gUIdan contslned in the Charlty Commlsslon general guidance on publlc benefit when revlewlng the charity's aims and objective5 and In plannlng future activities and projects. Our main aCtltIeS and who we alm to help are outlined on page 2, Flnanclal revlew Total Income for 2023 amounted to E332,093 (£377,316 - 2022), a decrease of £45,223, which mainly relates to a decrease in Donatlons & Grants and an increase to the summer GSDC camp being offered by the charlty. The total expenditure For 2023 was £328,595 (£214,139 - 2022) an Increase of £114,456 whlch relates to the summer camp activitles thls year re5ultlng In increased employees and Increased travel for competitions, Overall, the charlty had a surplLJS of £3,498 (£163,177 - 2022) for the year endlng 31 August 2023 Pollcy on reserves The trustees have assessed the major risks to whlch the charity Is exposed, in partlcular those related to the operations and finan5 and student safety of the charity and are satlsfled that Systems are In place to mitlgate our exposure to the major rlsks. structurei governance and management Constitution The SSEF Is a Charltable Incorporated Organlsation (CIO) whlch was incorporated ctn 5 December 2016 under number 1170548, Previously It was a charitable trust governed by a Trust Deed dated 10 February 2011. This charlty's registered number was 1142329, and Charity Commlsslon now records Its status as a "removed charity The assets and liabllltles of the prevlous charltable trust moved across to the CIO durlng the year ended 31 August 2019. Detalls of the trustees who served throughout the year are Included in the Reference and Administrative Detalts on page l. Ivature ofgoverning document The charity trustees are compllant with the requlrements of the Charltles Act 2011 wlth regard to the kpIng of accounting records, to the preparation and scrutlny of statements of account, and to the preparation of annual reports and returns, RecrUltmentamlappointn1t of trustees Trustees complete a ski115 audlt to Identlfy any gaps that may need to be filled by new trustee51 posts are advertised accordlngEy. Induthon and trainlng of trustees Prospective trustees are required to read and comply with all requirements as lald down by the Charity Commisslon including understanding the Essentlal Requirements of Trustees Page 3
Space Science And Engineering Foundation Trustees, Report (continued) Volunteers We are grateful for the time glven voluntarily in support of our work, Thls Includes support from our trustees and (xjr merllbers. SItsNÈD SF.¢VRELY 24/09/2024 24m512024*9."34..29¥M UTt The annual report was approved by the trustees of the charity on behalf by.. and signed on Its SIEll SECURELY 2D alè..J4..29 PMUT¢ Shayne Shaneelsingh Beegadhur Chairman 3ftd trustee Page 4
Space Science And Engineering Foundation Statement of Trustees, Responsibilities The trustees are responslble for preparlng the trustees, report and the financlal statements in accordance with the United Klngdom Accounting Standards (Unlted Klngdom Generally Accepted Accounting Pract1) and appllcable law and regulations. The law applicable to charlties requlres the trustees to prepare financial Statet5 for each flnanclal year whlch give a true and falr vlew of the state of affalrs of the charlty and of the incomlng resources and appllcauon of resources of the charity for that period. In preparing these flnancial statements, 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 estimates that are reasonable and prudent,. state whether applicable accountlng standards have been followed, subject to any materlal departures disdosed and exptained in the financlal statements; and prepare the flnanclal statements on the golng conrn basls unless it Is inapproprlate to presume that the charity will contlnue in busines5. The trustees are responslble for keeping proper accounting records that dlsclose wlth reasonable accuracy at any time the financial posStlon of the charity and enable them to ensure that the financlal Statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulation5 2008, and the provisions of the constltutlon. The trustees are also responslble for safeguarding the asset5 of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. The trustees are restK)nslble for the Maintenan and Integrlty of the corporate and flnanclal Information included on the charitable companvs webslte. Leglslatlon governing the preparatlon and disseminatlon of financlal statements may differ from legislation in other jurisdictions. Page 5
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 examination of the financlal statements of Space Sclence And Engineering Foundatlon for the year ended 31 August 2023. Responsibilitles and basls of report As the charity trustees of Space Science And Englneering Foundatlon you are respDnslble for the preparatloll of the flnanclal statements in accordance with the requirements of the Charitie5 Act 2011 ('the Act,). I report in Spect of my examination of the spa Sclence And Englneerlng Foundation's financial statements carrled out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed all the appllcable Dlrections given by the Charlty Commission under sectlon 145{5)(b) of the Act. I draw to your attentlon that the Firm at which I am a Partner provides bookkeeping servlces to the charity. We have a)mplied wlth the FRC'S Revlsed Ethical Standard in this regard. Independent examiner's statement sIn spa Sclence And Engineering Foundatlon's gross Income exceeded £250,000 your examlner must be a member of a body listed in settion 145 of the 2011 Act, I confirm that l am qualifEd to undertake the examlnatlon because I am a member of Association Chartered Certlfled Accountants, whlch is one of the Ilsted bodies. have completed my examlnatwjn. I confirm that no material matters have come to my attention In connection wlth the examination giving me cause to believe that in any materlal respect: l. accountlng records were not kept in respect of spa scIen And Engineerlng Foundatlon as requlred by section 130 of the Act,. or 2. the financial ststements do not accord wlth those records. or 3. the financial statements do not comply wlth the accountlng requirements conrning the form and content of flnancial statements set out In the Charities (Accounts and Reports) Regulations 2008 other than any requiiement that the flnanclal statements glve a 'true and fair view, whlch is not a matter cK)nsldered as part of an Independent examinatlon. I have no COnrnS and have come across no other matters In connecuon with the examlnation to whlch attentlon should be drawn in thls report in order to enable a proper understandlng of the flnanclal statements to be reachd, Neil Hallam FCCA Crane & Johnston A550ciation Chartered Certifled Accountants 30-32 Trebatwith Crescent Newquay Cornwall TR7 IDX 25 September 2024 Page 6
Space Science And Engineering Foundation statement of Financial Actlvities for the Year Ended 31 August 2023 Total 2023 Total 2022 Unrestrlcted Note Income and Endowments from: Donatlons and legacies Charitable actfvitles Investment income 104,162 227,378 553 104,162 227,378 553 163,540 213,776 Total Income 332 093 332 093 377 316 Expenditure on" Charitable activltles 328 595 328 595 214 1391 Total expenditure 328 595 328 595 Net movement in fund5 3,498 3,498 163,177 Reconciliatlon of fund$ Total funds brought fomard Total funds carried forward 231485 231485 18 234 983 231485 All of the charity's activltles derlve from contlnulng operations during the above two perfods. The funds breakdown for 2022 Is shown In note 18. The notes on pages 9 to 19 form an Integral part of these financlal statements. Page 7
Space Science And Engineering Foundation (Registration number: 1170548) Balance Sheet as at 31 August 2023 2023 2022 Note Fixed assets Intangible assets Tangible asset5 12 13 9,800 9,800 Current assets Debtors Cash at bank and in hand 14 15 43,280 208 628 41,699 210 513 251,908 252,212 Creditors: Amounts falling due wlthln one year 16 Net current assets 222 532 ?.?.0 666 Net as$ets 234 983 231485 Funds of the charity: Unrestricted income funds Unrestrlcted ftsnds 234 983 231485 Total funds 18 234 983 231485 The financlal siatements on pages 7 to 19 were approved by the trustees, and authori5ed for issue on '¥fdFrg6'a¥étsxÈL pnd slgned on thelr behalf by., 24/09/2024 241124 il4..J4..29PM UTC sEDsEcltELy IOW20 t9..34Qa Ftd UTC Shayne Shaneelslngh Beegadhur Chalrman and trustee The notes on pages 9 to 19 form an integr31 part of these financial ststements. Page 8
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 l Accountlng pollcles statement of ¢ompllance The flnanclal statements have been prepared in accordance wlth the second edltlon of the Charltles Statement of Recommended Practlce Issued in October 2019, the Financlal Reporting Standard apICable In the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basls of preparation Space Sclence And Engineerlng Foundatlon meets the definitlon of a public IRnefit entlty under FRS 102. The flnancial statements have been prepared under the hfstorical cost convention with Items recognlsed at cost or transactk)n value unless otherwise stated In the relevant note(s) to these accounts. Golng concern At the time of approving the flnanclal statements, the trustees have a reasonable expectatlon that the charlty has adequate resour5 to continue In operational exlstence for the foreseeable future. Thus, the trustees continue to adopt the going conrn basls of accounting in preparlng the flnancial statements. Income and endowments Voluntary income Includlng donat¢onsi gift5, legacies and grants that provlde core fundlng or are of a general nature Is recognlsed when the charlty has entitlement to the incomo, It Is probable that the Income will be recelved and the amount can be measured with sufficlent reliabllity. Donatlons andlegacles Donations and legacles are rec(¥JnSsed on a re1vable basis when reIpt is probable and the amount can be reliably measured. Grants receivable Grants are recognlsed when the charity has an entitlement to the funds and any conditlon5 Ilnked to the grants have been met. Where Ferformance condltlons are attached to the grant and are yet to be met, the income is recognised as a Ilablllty and included on the balan sheet as deferred Income to be released. Investmentlncome Dlvidends are recognised On Ihe dividend has been declared and notlficatlon has been recelved of the dlvldend due. Chan"table actlvltles Charitable expenditure compilses tho* costs incurred by the charlty in the delivery of its actlvltles and servkes for its beneficiaries. Et Includes both costs that can be allocated directly to such actlvSties and those costs of an indirect nature nesSary to support them. Page 9
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) Expenditure All expendlture is recognised once there Is a legal or constructlve obligatlon to that expenditure, It Is probable settlement is required and the amount can be measured re11ably. All costs are allocated to the applicable expenditure heading thal aggregate slmllar costs to that category. Where costs cannot be directly attrlbuted to particular headSngs they have been allocated on a basis consistent with the use of resources, wlth central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support Costs are all(xated based on the spread of staff costs. Governance cost$ These Include the costs attributable to the charlty's Complian wlth constitutional and statutory requlrements, Includlng indeperKient examlnation, strategtc management and Lrustees meetlngs and relmbur5ed expenses. Taxation Tho charlty Is considered to pass the tests set out In Paragraph I Schedule 6 of the Finance Act 2010 and therefore It meets the definltlon of a charity for UK corporatlon tax purposes. Accordlngly, the charlty Is potentially exempt from taxation in respect of Income or capltal gains recelved within categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectkin 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or galns are applied excluslvely to charitable purposes. Intanglble a55ets Intanglble assets are stated In the Balan Sheet at cost less accumulated amortisation and Impalrment. They are amrtlsed on a stralght line basls over their estimated useful Ilves. Tanglble fixed assets Indlvidual fixed assets costlng £250.00 or more are initially recorded at cost. Depreclation and amortlsation Depreciatlon is provlded on tangible flxed assets so as to write off the cost or valuation, less any estimated resldual value, over thelr expected useful economic Ilfe as follows.. Depreclation method and rate 20Wo Reducing Balance Asset class off[ Equlpment Cash and cash equlvalents Cash and cash equivalents comprlse cash on hand and call deposlts, and other short-term hlghly Ilquid Investments that are readily convertible tg a known amount of cash and are subject to an Inslgnlflcant risk of change In value. Page 10
spa Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) Trade credltors Trade creditors are obligatlons to pay for goods or SeNiS that have been acqulred In the ordinary course of business from suppliers. Accounts payable are classlfied as current liabllities if the does not have an unconditional right, at the end of the reportlng perSod, to defer settlement of the credltor for at least twelve months after the reportlng date. If there Is an unconditional right to defer settlement for at least e1ve months after the reporting date, they are presented as non-current liabllitles. Trade creditor5 are recognised inltlally at the transattlon pr and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted inc(Ime funds are general funds that are avallable for use at the trustees dlscretion In furtran or the objectlves of the charity. Penslons and other post retirement obllgations The charity operates a defined contribution pension scheme whlch is a penslon plan under whlch fixed contributlons are p3id into a penslon fund and the cha¥ity has no legal or constructive obligation to pay further contrlbutions even if the fund does not hold sufficient assets to pay all employee5 the benefits relatlng to employee SeN1 In the current and prior period5. Contributions to deflned contribution plans are recogn15ed in the Stetement of Financial Activltles when they are due. If contribution payments exceed the contllbution due for seNice, the ex55 is recognlsed as a prepayment. Flnanclal instruments Classiflcatson Flnanclal assets and firbanclal liabillties are recognlsed when the charity becomes a palty to the contractual provisions of the Instrument. Finonclal Ilabilltle5 and equlty Instruments are Clalfied accordlng to the substance of the contraciual arrangements entered into. An equity instrument Is any contract that evidences a resldual Interest i the assets of the charlty after deducting all of its liabllltles. Page 11
Space Science And Engineering Foundation Notes to the Financlal Ststements for the Year Ended 31 August 2023 (continued) Recognitlon and measurement All flnancSal assets and liabilities are Inltla51y measured at transactlon prke (Induding transactlon costs), except for those financial assets cla55ified as at falr value through proflt or 1055, which are inltlally measured at fair value (which Is normally the transaction pr excludlng transaction c05ts), unless the arrangement constitute5 a flnanclng transactlon. Jf an arrangement constitutes a flnanclng transaction, the flnanclal asset or flnancial liablllty Is measured at the present value of the future payments discounted at a market rate of Interest for a slmllar debt instrument. FINanclal assets and Ilabllities are only offset In the statement of flnanclal posltlon when, and only when there exlsts a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basls, or to rea115e the asset and settle the Ilabllity sSmultaneously. Financial a55ets are derecognised when and only when a) the contractual rlghts to the cash flows from the flnanclal asset expire or are settled, b) the charity transfers to anothe¥ party substantially all of the risks and rewards of ownership of the flnancial asset, or c) the charity, desplte having retalned some, but not all, signlficant risks and rewards of ownershipi has transferred control of the asset to another party. Financlal liabllltles are derecognised only when the obligation specif*d In the contract is discharged, Canlled or explres. 2 Income from donations and legacies Unrestrlcted funds Geneyal Total funds Donations and gaCles,. Donations from Indlvldua 104 162 104 162 Total for 2023 104 162 Total for 2022 163 540 163 540 3 Income from charitable actlvlties Unrestricted funds General Total funds Global Space Deslgn Challenge Merchandlse 226,045 226,045 Total foy 2023 227 378 227 378 Total for 2022 213 776 213 776 Page 12
Space Science And Englneering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) 4 Investment Income Unrestricted funds General Total funds Interest recelvable and slmilar Income; Interest recelvable on bank deposits 553 553 Total ftir 2023 553 553 5 Expenditure on charltable a¢tlvltles Unrestricted funds General Total funds Note Purchases Lease of motor vehldes (Spot hlre) Rent 4,987 371 36,827 1,345 7,095 1,469 3,202 39,256 30,031 511 50,951 6,367 401 663 142,358 4,987 371 36,827 1,345 7,095 1,469 3,202 39,256 30,031 511 50,951 6,367 401 663 142,358 Insurance Computer sothNare and malntenance costs Printlngi Postage and stationery Trade subscrlptlons Travel and svbslstence Hotel accommodatlon Advertislng Lecturer fees Legal and profe5slonal fees Bank charges Depreciatlon of Offi equlpment staff costs Governance costs Total for 2023 328 595 328 595 Total for 2022 214 139 214 139 Page 13
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) Independent examlner fees Examination of the fSnancial statements Other fees pald to examiner5 Total for 2023 Total for 2022 Net incoming resources for the year Include: 2023 2022 Depreciation of flxed assets 663 255 8 Trustees remuneratlon and expenses Durlng the year the charity made the followlng transactions wlth trustees.. Katherine Helen Oliver Katherine Helen Oliver recelved remuneratlon of £3,106 (2022,, £2,700) during the year, Supply of SeICe5 as a computer consultsnt. No trustees have recelved any relmbursed expenses or any other benefits from the charlty during the year. Page 14
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) 9 Staff costs The aggregate payroll costs were as follows: 2023 2022 staff costs during the year were.. Wages and salaries Social security costs Pension costs 131,602 7,593 76,893 1,541 142 358 The monthly average number of persons (including senior management I leadership team) employed by the charlty dursng the year expressed as full tlme equivalents was as follows., 2023 2022 No Average numlkr of employees durlng the year No employee recelved emoluments of more than £60,000 durlng the year Iolndependent examlner's remuneration 2023 2022 Examlnauon of the financlal statements other fees to examiners All other seNice5 IITaxation The charity is a registered charlty and Is therefore exempt from taxation. Page 15
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) 121ntangible fixed assets other Intangible asset Total Cost At I September 2022 At 31 August 2023 9,800 9,800 Amortisatlon At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 Page 16
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) 13Tanglble fixed assets Furnlture and equipment Total Cost At I September 2022 Additions 1,274 1,274 At 31 August 2023 Depreclatlon At I September 2022 Charge for the year 255 662 255 662 At 31 August 2023 917 917 Net book value At 31 August 2023 At 31 August 2022 14 Debtors 2023 2022 Trade debtors other debtors 1,881 15 Cash and cash equivalents 2023 2022 Cash at bank 208 628 210 513 Page 17
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) 16Creditors: amounts falllng due wlthln one year 2023 2022 Trade creditors other taxation and soclal securlty Other creditors Accrua15 1,449 6,539 16,438 254 8,6( 19,436 17 Penslon and other schemes Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable ty the charity to the scheme and amounted to £3,163 (2022 El,8491. 18Funds Balance at i September 2022 Incoming resources Resources expended Balance at 31 August 2023 Unrestricted funds General 231485 Balance at i September 2021 332 093 328 595 234 983 Incominy resources Re50urce5 expended Balamce at 31 August 2022 Unrestricted funds General 377 316 214 139 231485 Page 18
Space Science And Engineering Foundation Notes to the Financial Statements for the Year Ended 31 August 2023 (continued) 19 Analysi$ of net assets between funds Unrestricted Total funds at funds 31 August General 2023 Intangible fixed assets Tangible fixed assets Current assets Current Ilabllitles 9,800 2,651 251,908 9,800 2,651 251,908 Total net assets 234 983 234 983 Unyestrlcted Total funds at funds 31 August General 2022 Intanglble flxed assets Tanglble fixed assets cUent assets Current Ilabllltles 9,800 1,019 252,212 9,800 1,019 252,212 Total net assets 231485 231485 20 Controlllng Entity The trustees of the Charity have control and decide upon the day to day actlvltles, The staff of the Charlty complete the day to day activitles. Members of the Charity, of which there are 300, have no Indemnity and therefore do not make any declsions. Page 19