OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Charity Commission number: 1195233

The Spectris Foundation

Report and financial statements For the year ended 31 December 2023

The Spectris Foundation

Contents

For the year ended 31 December 2023

Reference and administrative information .............................................................................................................................. 1-2 Trustees’ annual report ......................................................................................................................................................................... 3-13 Independent auditor’s report ........................................................................................................................................................ 14-17 Statement of financial activities (incorporating an income and expenditure account) .......................... 18 Balance sheet ................................................................................................................................................................................................... 19 Statement of cash flows ..........................................................................................................................................................................20 Notes to the financial statements ..................................................................................................................................................... 21

The Spectris Foundation

Reference and administrative information

For the year ended 31 December 2023

Charity number 1195233
Country of registration England & Wales
Registered office and Melbourne House
operational address 44-46 Aldwych
London
WC2B 4LL
Website https://www.spectrisfoundation.com/
Trustees Trustees who served during the period and up to the date of this
report were as follows:
Derek Harding (Chair)
Amit Agarwal
Andrew Heath
Colin Smith
Karen Usher
Kate Kerr
Yasmin Ali
Key management Rebecca Levy Foundation Director
personnel
Bankers NatWest
National Westminster Bank plc
Egham Branch
50 High Street
Egham
UK
Solicitors Farrer & Co LLP
66 Lincoln’s Inn Fields
London
WC2A 3LH
Investment Charles Stanley & Co Ltd
Managers 55 Bishopsgate
London
EC2N 3AS

1

The Spectris Foundation

Reference and administrative information

For the year ended 31 December 2023

Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

2

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

The trustees present their report and the audited financial statements for the year ended 31 December 2023.

Reference and administrative information set out on page one and two forms part of this report. The financial statements comply with current statutory requirements, the charity's constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The charity’s objects are to advance education in science, technology, engineering and maths (STEM subjects) in particular (but without limitation) by providing support:

The Spectris Foundation was established in July 2021 with a strategy to deliver its objects through making grants to fund education in science, technology, engineering and maths (STEM) subjects in the UK, the United States, Netherlands, Denmark, Germany, China, Brazil, South Korea, Japan, India and other jurisdictions in which a grant would be beneficial to the funding aims of the Foundation.

The Spectris Foundation is a grant-making charity which awards grants to further its objects and purpose. The Spectris Foundation supports charities which promote widening access to STEM subjects through innovation and quality education. It aims to increase diversity and improve representation of underprivileged students, through one-year and multi-year grants.

The trustees have ultimate responsibility for all grant-making decisions which are agreed with the Foundation’s priorities. Trustees assess the suitability of each grant request against a number of factors including the number of participants the grant will impact, the location of the grant, the length of the grant, the amount of funding requested and volunteering opportunities. Pre-grant due diligence is an important part of effective and responsible grant-making and is completed on all applications before funding is awarded.

3

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

The grant details, amount, payment terms and reporting, are decided upon on a case-by-case basis. The trustees determine the terms and conditions in order to best support and monitor each grant in line with the charity’s objects.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and who it tries to help are described below. The Trustees have considered the Charity Commission's general guidance on public benefit in relation to the objectives of The Spectris Foundation.

The Spectris Foundation’s core charitable activities focus on improving access to STEM education and are undertaken to further the Foundation’s charitable purposes for public benefit.

The charity made 7 major grants amounting to £723,000 during this period to support its main objective of giving access to STEM education.

In addition, The Spectris Foundation designates £120,000 (20%) of its annual funding towards employee nominated small grants, as agreed in the charity’s funding agreement with Spectris plc. The charity awarded 23 small grants amounting to £91,000 to help local communities and charitable projects nominated by Spectris plc staff (as the charity’s donor). Grants were given to charities based in the United Kingdom, United States, China, Germany, Portugal and Spain, and varied in size from £1,000 to £5,000, with the maximum grant amount being £5,000.

The Spectris Foundation did not award the full £120,000 (20%) of funding allocated for employee nominated grants during this period and have therefore designated the remaining allowance of £29,000 to support employee nominations in the 2024 financial year making the total designation for employee nominated grants £149,000 for the 2024 financial year.

Total grants awarded in the year amounted to £814,000.

4

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

Grants awarded to existing partnerships

India Stem Foundation : A multi-year grant for the period of two years, equating to £28,000. This grant is restricted to the continuing support of the teaching of science and technology in a school located in Pune, India. The funding will sustain a science lab at The Bharrat English School and College Pune, for a further two years to complete a three year project lifecycle. The grant was awarded in October 2023 and ends in November 2025.

SAE Foundation: an unrestricted one-year grant of £50,000 was donated to continue supporting the SAE Foundation’s ‘ A World In Motion ’project which aims to inspire school children in STEM education in their classroom. The SAE are based in various states across America. The grant was awarded in October 2023 and ends in November 2024.

The African Gifted Foundation : An unrestricted multi-year grant for the period of two years equating to £100,000 to support the on-going educational costs of students attending the African Science Academy (ASA) in Ghana. These students are studying A Level maths, further maths and physics. The grant was awarded in October 2023, and ends in November 2025.

Engineering Education Scheme Wales (EESW – previously called STEM Cymru) An unrestricted multi-year grant for the period of two years equating to £100,000 to support the core running costs of EESW and their charitable objectives to inspire and motivate young people aged 11 to 19 to choose careers in Science, Technology, Engineering and Mathematics (STEM), across Wales. The grant was awarded in October 2023, and ends in November 2025.

Technovation: An unrestricted multi-year grant for the period of two years, equating to £200,000. Technovation are a global tech education non-for-profit based in the United States. They teach young women (ages 8-18) how to code apps and use technology to address real-world problems. They work in 46 countries worldwide including the UK, United States, Canada, Brazil and Japan. The grant was awarded in October 2023, and ends in November 2025.

Grants awarded to new charitable organisations

Lightyear Foundation: An unrestricted multi-year grant for the period of three years, equating to £195,000. The Lightyear Foundation are a UK based charity and focus on Special Educational Needs and Disability in STEM and aim to break down barriers to learning, to help disabled children and young adults participate in STEM education. The grant was awarded in October 2023, and ends in November 2026.

Apps for Good: A one-year unrestricted grant of £50,000. Apps for Good provide STEM education to vulnerable sections of society and aim to develop educational programmes and facilitate digital and social inclusion across the UK. The grant was awarded in October 2023 ending in November 2024.

5

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

Reporting and Milestones

The Spectris Foundation asks all large grant recipients to track the progress of their charitable aims and usage of the Foundation’s funds. For one-year grants, the foundation asks for impact data, a final activity & evaluation report, and a financial report. For multi-year grants, the foundation asks for annual impact data, an annual monitoring report, a final year activity & evaluation report, and a financial report. The Foundation uses this information to monitor the compliance and progress of its grants, the impact of the projects and to identify any funding gaps. The Foundation continues to learn about giving access to STEM education and uses this information to help the trustees make informed funding and strategic decisions.

A full impact report can be found on The Spectris Foundation’s website.

STEM PROJECT INFORMATION
(since inception)		 STEM PROJECT INFORMATION
(since inception)
TOTAL BENEFICIARIES 43,891
TOTAL STUDENTS 43,099
TOTAL TEACHERS 436
TOTAL OTHER(alumni, volunteers benefiting from
programme)		 356
AVERAGE BENEFICIARIES FEMALE
From charitableprojects which collate this data.		 73%
AVERAGE BENEFICIARIES - disadvantaged and/or
minority groups
From charitableprojects which collate this data.		 71%
AVERAGE FREE SCHOOL MEAL(or equiv)
From charitableprojects which collate this data.		 55%
TOTAL VOLUNTEERING HOURS TO DATE 2,940

The Spectris Foundation continued to support The Royal Society of Chemistry, ENTHUSE Charitable Trust and CompTia Spark; all of whom entered the second year of their funding agreement. Below is an overview and update from these programmes.

The Royal Society of Chemistry (RSC) : The project aims to enhance and improve the skill and confidence of early career chemistry teachers and non-chemistry specialist teachers in delivering high quality chemistry lessons in secondary schools across the UK. In supporting these teachers, we are building their expertise in teaching and in turn the impact they have in the classroom.

RSC 2022/2023 Academic Year Highlights

Total number of teachers: 81 since September 2022. Total number of courses: 4 (3 x Module 1, 1 x Module 2). Total number of sessions: 16

The grant was awarded in October 2022 and concludes in October 2024.

6

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

ENTHUSE Charitable Trust: ENTHUSE is supporting five STEM learning partnerships across the UK and has developed an intensive programme to raise aspiration and achievement in science, technology, engineering and mathematics to students in primary and secondary education. The project supports the continued professional development of teachers within these partnerships. Mid Project report highlights include:

The grant was awarded in April 2022 and concludes in October 2024.

CompTia Spark: The project, TechGirlz, is run throughout America, and aims to develop leading tech education curricula for girls aged 11-14 through online resources, workshops and mentoring.

In May, CompTia Spark took part in a collaborative event with The Spectris Foundation, where they ran an online workshop for UK and US students to celebrate International Women in Engineering Day. Over 250 students took part in the event and the feedback indicated the students felt inspired and encouraged to study a STEM subject. Participant feedback included:

During 2022-2023, the TechGirlz Program has reached a total of 7,415 girls via 429 workshops. The grant was awarded in September 2022 and concludes October 2024.

7

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

Financial review

Spectris plc provided £149,321 of ongoing funding during the period to cover the Foundation’s administrative costs. The Foundation also received £8,935 of donated goods and services.

Expenditure on charitable activities during the period was £968,714 principally comprising of grants awarded amounting to £814,000. £60,756 was spent on raising funds comprising of investment management fees.

In the period under review, The Foundation recorded a net gain of £932,500 on its invested endowment funds. The purpose of the invested endowment funds is to generate a financial return to support the future charitable activities of the Foundation in accordance with the investment policy and objectives. During the period under review there was a total loss of £14,566 in foreign currency movement.

The value of the Foundation’s net assets as at 31 December 2023 was £14,157,413, comprising of £14,104,486 in expendable endowment funds and £52,927 in unrestricted funds. The unrestricted funds are made up of £29,000 designated funds and £23,927 of general funds.

Investment Policy and Performance

The Spectris Foundation’s investment policy states that the charity aims to produce the best financial return on the amount invested within an acceptable level of risk. The investment objective is to balance income and capital returns with a total return net of fees of CPI + 3%. The assets should be managed with the intention to at least maintain the real capital value of the Foundation’s portfolio, while also generating a sustainable level of investment income to support the current charitable activities. The Board requires Ethical, Social and Governance issues to be taken into account in the choice of investments held within the portfolio and these requirements are reviewed annually. The Trustee Board is required to consider the congruence of potential investments with the aims of the Foundation.

The Board has selected Charles Stanley & Co Ltd to manage the assets. The investment managers are required to produce a valuation and performance report quarterly. The Board has responsibility for agreeing the investment strategy and for monitoring the investment performance, including an analysis of return, risk and asset allocation.

In reviewing investment performance, The Spectris Foundation takes a long-term view and targets a strategic asset allocation, balancing capital and income returns in order to achieve its long-term objectives. The Board reviews investments made on a quarterly basis and the investment policy is reviewed annually.

During the year up to 31st December 2023 the total portfolio return net of all charges including investment management fees was 9.18% comprising a capital return of 6.48% and income return

8

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

of 2.70%. The trustees consider that the portfolio is appropriately positioned to achieve its investment aims over the medium and longer term.

Principal risks and uncertainties

The Trustees have conducted a review of the major risks to which the Foundation is exposed. Risks are assessed on the basis of their likelihood and potential impact, and mitigation strategies are put in place to manage them in line with the board's risk appetite. They are recorded in a Risk Register which is regularly reviewed by the Trustees and updated and approved annually.

Where appropriate, systems or procedures have been established to manage the risks the charity faces. The Foundation Director continually monitors changes in risk levels or emergence of new risks that may impact upon the organisation and escalates any concerns to the Trustees. The Trustees have identified eighteen risks which fall into five categories: Compliance, Governance, Financial, Operational and Environmental.

The Trustees consider the following to be the key risks that The Spectris Foundation faces.

Risk Mitigation
Failure to comply with
legislation and
regulatory
requirements results in
sanction by regulator
and negative publicity		 •
Foundation staff responsible for monitoring regulatory
guidance and updates
•
Advice sought from auditors & lawyers as required
•
Trustees and Foundation staff automatically receive Charity
Commission email updates
•
All trustees attend training on their responsibilities
•
Processes in place for annual refresh of all policy documents
with Trustee review and sign-off.
•
Annual audit clearance meeting with regulatory update from
auditors
Significant reduction in
value of Foundation's
investment holdings		 •
Professional and appropriate investment managers (FSA
authorised) appointed by the Board
•
Funding Agreement gives approval for the Foundation to
draw on capital to top up reduced investment income to a
spend of £600,000 per annum (dependant on investments).
•
A detailed investment policy in place and reviewed annually.
Quarterly investment performance monitoring
•
Annual budget prepared based on previous year's income /
worst case income forecast (£600k) to ensure spending
within means.
•
Services Agreement in place with Spectris plc and reviewed
annually to cover all operating expenditure, thus not putting
financial strain on the investment holdings.
•
A reserves policy that includes provision for 3 month's
reserves in liquid assets

9

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

Risk Mitigation
Grantee misuses fund
which could lead to:
a) Grantee unable to
deliver the project.
b) Reputational
damage to the
Foundation
c) Grantee ceasing to
operate		 •
Foundation Director conducts due diligence before making
any grant which includes review of financial processes & anti-
bribery policy
•
A signed grant agreement required for all grants, adhering to
anti-bribery and safeguarding policies.
•
Inclusion of a standard grant termination clause that can be
exercised if a grantee brings Foundation into disrepute
•
A requirement in the grant agreement for grantees to report
any irregularities uncovered to the Foundation
•
Monitoring reports and visits as agreed with Foundation
Director.

Reserves policy and going concern

The trustees reviewed the charity’s reserves policy and concluded the foundation should hold no more than 3 months’ operating costs, committed grant payments and future agreed grant making. This decision was made to best enhance the charities investment portfolio whilst also having a stable amount of cash available to support its operational costs and grant making activities.

Our reserves policy states:

To ensure there is limited disruption to the Foundation’s funded activities, the reserves policy is to maintain 3 months’ operating costs, committed grant payments and future agreed grant making, in a combination of an instant access bank account and held by the Investment Managers as cash/cash instruments to ensure the Foundation’s ability to fulfil its Grants and Commissioning Plan. It is recognised by the Board that these reserves will fluctuate in accordance with the investment portfolio and grant-making commitments.

At the end of the reporting period, unrestricted undesignated reserves were £23,927 which is sufficient as per our reserves policy requirement. The Foundation has access to its expendable endowment funds which can be drawn from when needed. This gives the Foundation the ability to access its endowment funds at any time to support its reserves policy. In 2023 the Trustees spent time assessing the impact of the charity’s grant-making and carefully selected new grants which would continue the charity’s mission. We anticipate that our grant-making will decrease in 2024 and the charity and the trustees will focus on stakeholder engagement, impact and volunteering. Sufficient reserves will continue to be held to safeguard the grant-making strategy.

The trustees believe that the Foundation is well placed to manage its business risk successfully, and believe the Foundation has adequate resources to continue its operational existence. The trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.

10

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

Fundraising

The Foundation does not undertake fundraising from the public and does not use professional fundraisers or commercial participators.

The income of the Foundation is not bound by any regulatory scheme, and the Foundation does not consider it necessary to comply with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.

Plans for the future

In 2024, The Spectris Foundation plans to continue supporting initiatives which give access to STEM education by supporting its charitable partners through their one-year and multi-year grants. The Foundation will look to enhance its grant by providing volunteering opportunities for its donor Spectris plc and by assessing the impact data. The charity will continue supporting STEM initiatives through selective grant-making and will focus on key locations including but not limited to, the UK, the United States, Netherlands, Denmark, Germany, China, Brazil, South Korea, Japan, India and Ghana. The funding provided will aim to address inequalities in STEM education and champion diversity and inclusion.

The Spectris Foundation will continue to build meaningful relationships with its grant-holders and create opportunities for additional support through stakeholder engagement and voluntary action. The charity aims to create key impact measurements to ensure its funding has a sustainable impact.

Finally, The Spectris Foundation will continue to allocate 20% of its funding to other charitable objectives and support smaller charities and community projects internationally as nominated by Spectris plc staff.

Structure, governance and management

The organisation is a Charitable Incorporated Organisation and registered as a charity on 20 July 2021 in England and Wales. The charity is constituted under a constitution dated 20th July 2021.

The Spectris Foundation’s sole corporate member is Spectris plc and it operates with elected and external charity trustees.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

11

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

The trustees are supported in the day-to-day management of the charity by the Foundation Director, Rebecca Levy, who ensures the effective running of The Spectris Foundation by managing relationships with partner organisations. Rebecca makes grant recommendations to the trustees in accordance with agreed grant-making policies and an approved delegation of authority. The charity trustees make grant-making decisions at Board Meetings which are typically held on a quarterly basis. Employee nominated grants are reviewed three times a year by Rebecca and Spectris Foundation Ambassadors, in accordance with agreed grant-making policies and an approved delegation of authority of up to £5,000.

Appointment of trustees

The Constitution supports a minimum of five trustees. There is no maximum number of trustees. Trustees are either nominated Spectris Employees or appointed on a need basis. There must always be more appointed trustees than nominated trustees on the board. All trustees shall be appointed for an initial term of three years and may be re-appointed for up to two further threeyear terms.

As the sole corporate member of The Foundation, Spectris plc may nominate charity trustees who are members of staff, directors or consultants of a company within the Spectris Group. Appointed trustees must have no current connection as a staff member, director or consultant of any company within the Spectris Group and are selected with a due regard to the skills, knowledge and experience needed for the effective management of the charity.

Of the seven current trustees, two (Derek Harding (Chair) and Andrew Heath are nominated trustees and the five remaining Board members are appointed trustees. The appointed trustees were identified through personal networks and selected due to their relevant skills and extensive experience in charity governance and grant-making.

Trustee induction and training

New trustees attend suitable induction and training with the Foundation Director and existing trustees to familiarise themselves with the charity, its governance and the context within which it operates. New trustees are required to read the CC3 Guidance, The Essential Trustee and agree to the Foundation’s Trustee Code of Conduct policy.

Related parties and relationships with other organisations

Spectris Foundation’s sole corporate member is Spectris plc, and the Foundation is funded through donations from Spectris plc. The trustees recognise their charitable responsibilities and state formally that the charity's activities will always be consistent with achieving its objects. Any benefit which may accrue to Spectris plc or any businesses within the Spectris Group from the Foundation's activities will be incidental and outweighed by the contribution to the Foundation's charitable objectives. Please see note 9 for further Related Party transaction details.

12

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2023

Remuneration policy for key management personnel

The Foundation Director’s pay and remuneration are set with reference to sector benchmarks and is periodically reviewed against comparable organisations using market data. Pay and benefit changes are approved by the full Trustee Board. The Foundation Director receives ongoing performance management and an annual feedback report which provides feedback from the Trustees and external grant partners.

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for

safeguarding the assets of the charity 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 charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustees on 15[th] March 2024 and signed on their behalf by

Name: Derek Harding Title: Chair

Signed:

13

Independent auditor’s report

To the trustees of

The Spectris Foundation

Opinion

We have audited the financial statements of The Spectris Foundation (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and 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 Spectris Foundation'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.

14

Independent auditor’s report

The Spectris Foundation

To the trustees of

Other Information

The other information comprises the information included in the trustees’ 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

15

Independent auditor’s report

To the trustees of

The Spectris Foundation

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

Irregularities, including fraud, are instances of non-compliance 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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

16

Independent auditor’s report

To the trustees of

The Spectris Foundation

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date 27 March 2024

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

17

The Spectris Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

Unrestricted
Note
£
Income from:
2
158,256
3
334,979
493,235
-
968,714
4
968,714
11
-
6
(475,479)
(89,877)
(565,356)
Reconciliation of funds:
618,283
52,927
Net gains/(losses) on investments
Net (expenditure)/income for the year
Net (expenditure)/income before net
gains/(losses) on investments
Total funds carried forward
Other gains / (losses)
Net movement in funds
Total funds brought forward
Total income
Expenditure on:
Raising funds
Total expenditure
Charitable activities
(475,479)
Investments
Donations		 Unrestricted
Note
£
Income from:
2
158,256
3
334,979
493,235
-
968,714
4
968,714
11
-
6
(475,479)
(89,877)
(565,356)
Reconciliation of funds:
618,283
52,927
Net gains/(losses) on investments
Net (expenditure)/income for the year
Net (expenditure)/income before net
gains/(losses) on investments
Total funds carried forward
Other gains / (losses)
Net movement in funds
Total funds brought forward
Total income
Expenditure on:
Raising funds
Total expenditure
Charitable activities
(475,479)
Investments
Donations		 12
Endowment
£
-
-		 months ended
31 December
2023
Total
£
158,256
334,979		 Unrestricted
£
1,137,258
174,748		 17 months ended
31 December
2022
Endowment
Total
£
£
14,000,000
15,137,258
-
174,748		 17 months ended
31 December
2022
Endowment
Total
£
£
14,000,000
15,137,258
-
174,748
493,235
-
968,714		 -
60,756
-		 493,235
60,756
968,714		 1,312,006
-
693,723		 14,000,000
55,817
-		 15,312,006
55,817
693,723
968,714 60,756 1,029,470 693,723 55,817 749,540
-
(475,479)		 932,500
(60,756)		 932,500
(536,235)		 -
618,283		 (786,752)
13,944,183		 (786,752)
14,562,466
(475,479) 871,744 396,265 618,283 13,157,431 13,775,714
(89,877) 75,311 (14,566) - - -
(565,356)
618,283		 947,055
13,157,431		 381,699
13,775,714		 618,283
-		 13,157,431
-		 13,775,714
-
52,927 14,104,486 14,157,413 618,283 13,157,431 13,775,714

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

18

The Spectris Foundation

Balance sheet

As at 31 December 2023

Note
Fixed assets:
11
Current assets:
12
Liabilities:
13
13b
15
Total unrestricted funds
Debtors
Endowment funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Total assets less current liabilities
Investments
Cash at bank and in hand
General funds
Total charity funds		 £
£
14,104,486
14,104,486
72,517
384,348
456,864
(338,937)
117,927
14,222,413
(65,000)
14,157,413
14,104,486
29,000
23,927
52,927
14,157,413
2023		 £
£
14,104,486
14,104,486
72,517
384,348
456,864
(338,937)
117,927
14,222,413
(65,000)
14,157,413
14,104,486
29,000
23,927
52,927
14,157,413
2023		 £
£
13,169,161
13,169,161
34,178
750,634
784,812
(178,259)
606,553
13,775,714
-
13,775,714
13,157,431
-
618,283
618,283
13,775,714
2022		 £
£
13,169,161
13,169,161
34,178
750,634
784,812
(178,259)
606,553
13,775,714
-
13,775,714
13,157,431
-
618,283
618,283
13,775,714
2022
14,104,486
117,927		 13,169,161
606,553
456,864
(338,937)		 784,812
(178,259)
29,000
23,927		 -
618,283
14,222,413
(65,000)		 13,775,714
-
14,157,413 13,775,714
14,104,486 13,157,431
52,927 618,283
14,157,413 13,775,714

Approved by the trustees on 15 March 2024 and signed on their behalf by

Derek Harding

Chair

19

The Spectris Foundation

Statement of cash flows

For the year ended 31 December 2023

Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
(Gains)/losses arising from the revaluation of investments
(Increase) in debtors
Increase in creditors
Net cash (used in)/provided by operating activities
Movement in cash held by investment manager
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the end of the period
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Net cash (used in) investing activities
Cash flows from investing activities:
Proceeds from sale of investments
Purchase of investments		 £
£
381,699
(932,500)
(38,339)
225,678
(363,461)
866,715
3,008,288
(3,877,828)
(2,825)
(366,286)
750,634
384,348
At 1 January
2023
£
750,634
750,634
12 months ended 31 December
2023		 £
£
381,699
(932,500)
(38,339)
225,678
(363,461)
866,715
3,008,288
(3,877,828)
(2,825)
(366,286)
750,634
384,348
At 1 January
2023
£
750,634
750,634
12 months ended 31 December
2023		 £
£
13,775,714
846,266
(34,178)
178,259
14,766,061
287,256
(3,008,288)
(11,294,395)
(14,015,427)
750,634
-
750,634
Cash flows
At 31 December
2023
£
£
(366,286)
384,348
(366,286)
384,348
17 months ended 31 December
2022		 £
£
13,775,714
846,266
(34,178)
178,259
14,766,061
287,256
(3,008,288)
(11,294,395)
(14,015,427)
750,634
-
750,634
Cash flows
At 31 December
2023
£
£
(366,286)
384,348
(366,286)
384,348
17 months ended 31 December
2022
(363,461)
(2,825)		 14,766,061
(14,015,427)
(366,286)
750,634		 750,634
-
384,348 750,634
At 1 January
2023
£
750,634		 At 31 December
2023
£
384,348
750,634 (366,286) 384,348

20

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

a) Statutory information

The Spectris Foundation is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission in England and Wales (number 1195233). The registered office is Melbourne House, 44-46 Aldwych, London WC2B 4LL.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (the "Charities SORP"), the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") and the Charities Act 2011.

The financial statements[have been prepared to give a ‘true and fair’ view and have departed from the Charities ] (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Key judgements that the charity has made which have a significant effect on the accounts include estimating the liability from multi-year grant commitments.

The trustees do not consider that there are any other sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP, the contribution of general volunteers is not recognised; please refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

21

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

g) Dividends and interest receivable

Dividends and interest income on investments, short term deposits and cash at bank are included when receivable and the amount can be measured reliably by the charity. In the case of interest income this is normally upon notification of the interest paid or payable. In the case of dividends this is when the dividend payment is announced.

h) Fund accounting

Restricted funds (including endowment funds) are those funds received that are to be used for specific purposes as laid down by the donor. Expenditure related to activities undertaken to further the specific charitable purpose is charged to the relevant fund. Restricted income funds are to be spent or applied within a reasonable period of time to further a charity's specific purpose, whereas in the case of an endowment the charity must invest the assets or retain then for the charity's use rather than apply or spend them as income.

Unrestricted funds are donations and other incoming resources received or generated that may be freely applied any charitable purpose of the charity.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Support costs have been allocated between governance costs and other support costs. Governance costs are those costs related to the governance of the charity including meeting constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These include statutory audit and governancerelated legal fees, and costs related to Board meetings.

Governance costs and other support costs have been apportioned wholly to the charity's grant-making activities on the basis that materially all such costs arose in connection with this activity rather than the cost of raising funds.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £2,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

m) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value. Marketable investments are subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the

statement of financial activities. The charity does not hold investments for which a ready trading market does not exist.

The Foundation does not hold options, forwards or other derivatives or complex financial instruments.

22

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

n) Debtors

Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held by the Foundation's investment manager on capital account pending further investment.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

r) Foreign exchange

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Realised exchange differences are included within the relevant transaction as part of expenditure. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. The unrealised exchange differences are included in other gains and losses.

s) Pensions

The charity offers employees a defined contribution scheme. The liability for the charity is limited to contributions arising from regular payroll expenditure.

2 Income from donations

Income from donations
Donations
Donated facilities and services		 Unrestricted
£
149,321
8,935		 £
-
-
Endowment		 2023
Total
£
149,321
8,935		 Unrestricted
£
1,129,018
8,240		 £
14,000,000
-
Endowment		 2022
Total
£
15,129,018
8,240
158,256 - 158,256 1,137,258 14,000,000 15,137,258

Donated facilities and services comprise use of office facilities and donated legal and professional services.

3 Income from investments

Income from investments
Interest
Dividends		 2023
Total
£
20,748
314,231		 2022
Total
£
30,341
144,407
334,979 174,748

All income from investments is unrestricted.

23

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

4a Analysis of expenditure (current year)

Staff costs (Note 7)
Grant expenditure (Note 5)
Investment management fees
Legal and professional fees
Marketing and website
Other costs
Support costs
Governance costs
Total expenditure		 Raising
funds
£
-
-
60,756
-
-
-		 Charitable
activities
£
62,137
814,000
-
4,108
13,743
35,007		 Governance
costs
£
15,534
-
-
13,840
-
4,421		 Support
costs
£
-
-
-
667
-
5,257		 2023
Total
£
77,671
814,000
60,756
18,615
13,743
44,685		 2022
Total
£
49,977
551,800
55,817
39,306
43,738
8,902
60,756
-
-		 928,995
5,924
33,795		 33,795
-
(33,795)		 5,924
(5,924)
-		 1,029,470
-
-		 749,540
-
-
60,756 968,714 - - 1,029,470 749,540

4b Analysis of expenditure (prior period)

Staff costs (Note 7)
Grant expenditure (Note 5)
Investment management fees
Legal and professional fees
Marketing and website
Other costs
Support costs
Governance costs
Total expenditure		 Raising
funds
£
-
-
55,817
-
-
-		 Charitable
activities
£
39,982
551,800
-
22,331
43,738
2,048		 Governance
costs
£
9,995
-
-
15,475
-
3,364		 Support
costs
£
-
-
-
1,500
-
3,490		 2022
Total
£
49,977
551,800
55,817
39,306
43,738
8,902
55,817
-
-		 659,899
4,990
28,834		 28,834
-
(28,834)		 4,990
(4,990)
-		 749,540
-
-
55,817 693,723 - - 749,540

24

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

Grant making
2023 2022
£ £ £ £
Grants payable at the start of the period 146,066 -
New grants awarded in the period:
Major grants (STEM
Technovation 200,000 66,811
Lightyear Foundation 195,000 -
STEM Cymru (EESW) 100,000 50,000
The African Gifted Foundation 100,000 20,000
Apps for Good 50,000 -
SAE Foundation 50,000 10,000
India STEM Foundation 28,000 30,925
ENTHUSE Charitable Trust - 100,000
CompTia Spark - 86,424
Royal Society of Chemistry - 64,890
Expedition STEM - 9,250
723,000 438,300
Spectris employee nominated grants 23 (2022: 30) in
total) 91,000 113,500
Total grants awarded in period 814,000 551,800
Grants paid (616,066) (405,734)
Grants payable at the end of the period 344,000 146,066
All grants were awarded to institutions.
Net (expenditure)/income for the year
This is stated after charging / (crediting):
2023 2022
£ £
Auditor's remuneration (excluding VAT):
Audit 10,200 9,000
Foreign exchange (gains) / losses 14,566 (59,514)

6 Net (expenditure)/income for the year This is stated after charging / (crediting):

25

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

Staff costs were as follows:

Staff costs were as follows:
Salary costs
Social security costs
Pension costs (defined contribution plan)		 2023
£
66,187
7,513
3,971		 2022
£
43,544
4,409
2,024
77,671 49,977

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£60,000 - £69,999

2023 2022
No. No.
1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £77,671 (2022: £49,977).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year. No charity trustee received payment for professional or other services supplied to the charity.

Trustees' expenses of £1,275 (2022: £688), were incurred during the period by 4 (2022: 4) trustees representing the reimbursement of travel costs relating to attendance at board meetings out of this, £564 related to travel expenses incurred during monitoring and evaluation visits.

8 Staff numbers

The average number of employees on a full-time equivalent (FTE) basis during the period was 1 FTE.

9 Related party transactions

Spectris plc is a related party since it is a member under the Foundation's constitution and has certain rights to appoint charity trustees, provided that at all times the number of trustees appointed by Spectris plc is fewer than the number of trustees who have no connection with the Spectris plc Group. The results of the Foundation are not consolidated with the results of Spectris plc since Spectris plc does not exercise control over the Foundation.

Donations of £149,321 (2022: £15,129,018) were received from Spectris plc during the period. In addition donated facilities and services worth £8,935 (2022: £6,340) were provided by Spectris plc and its employees.

No grants were made to any related parties during the period.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

26

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

11 Investments

11
Investments
Fair value at the start of the period
Additions at cost
Disposal proceeds
Net gain/(loss) on change in fair value
Cash held by investment broker pending reinvestment
Fair value at the end of the period
Fixed income investments
Investments in collective investment schemes
Equity investments in UK listed companies
Equity investments in overseas listed companies
Cash
12
Accrued income
Other debtors
Prepayments
13
Trade creditors
Grants payable
Accruals
13b
Grants payable within 1-5 years
Creditors: amounts falling due after one year
Creditors: amounts falling due within one year
Investments comprise:
Debtors		 2023
£
10,160,873
3,877,828
(866,715)
932,500		 2022
£
-
11,294,395
(287,256)
(846,266)
14,104,486
-		 10,160,873
3,008,288
14,104,486 13,169,161
2023
£
1,736,637
3,568,478
3,485,175
5,314,196
-		 2022
£
1,035,383
2,596,416
2,982,986
3,546,088
3,008,288
14,104,486 13,169,161
2023
£
22,208
40,045
10,264		 2022
£
34,178
-
34,178
72,517 34,178
2023
£
37,411
279,000
22,526		 2022
£
2,220
146,066
29,973
338,937 178,259
2023
£
65,000		 2022
£
-
65,000 -

27

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

14a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year) Analysis of net assets between funds (current year)
At 1 January 2023
£
13,157,431
Total endowment funds
13,157,431
Designated funds:
Employee Nominated grant fund
-
Total designated funds
-
General funds
618,283
618,283
13,775,714
Unrestricted funds:
Net assets at 31 December 2023
Endowment funds:
Expendable endowment funds
Total funds
Total unrestricted funds
Long term liabilities
Investments
Net current assets
Movements in funds (current year)
Net assets at 31 December 2022
Analysis of net assets between funds (prior period)
Investments
Net current assets		 General
unrestricted
£
-
88,927
(65,000)		 Designated
funds
£
-
29,000
-		 Endowment
£
14,104,486
-
-		 Total funds
£
14,104,486
117,927
(65,000)
23,927 29,000 14,104,486 14,157,413
Income &
gains
£
1,007,811		 General
unrestricted
£
-
618,283		 Endowment
£
13,169,161
(11,730)		 Total funds
£
13,169,161
606,553
618,283 13,157,431 13,775,714
Expenditure
& losses
(60,756)		 Transfers
£
-		 At 31
December
2023
£
14,104,486
13,157,431 1,007,811 (60,756) - 14,104,486
- - - 29,000 29,000
- - - 29,000 29,000
618,283 493,235 (1,058,591) (29,000) 23,927
618,283 493,235 (1,058,591) - 52,927
13,775,714 1,501,046 (1,119,347) - 14,157,413

14b Analysis of net assets between funds (prior period)

15a Movements in funds (current year)

28

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2023

15b Movements in funds (prior period)

Total endowment funds
General funds
Unrestricted funds:
Total unrestricted funds
Endowment funds:
Expendable endowment funds
Total funds		 At 20 July 2021
£
-		 Income &
gains
£
14,000,000		 Expenditure
& losses
(842,569)		 Transfers
£
-		 At 31
December
2022
£
13,157,431
- 14,000,000 (842,569) - 13,157,431
- 1,312,006 (693,723) - 618,283
- 1,312,006 (693,723) - 618,283
- 15,312,006 (1,536,292) - 13,775,714

15c Purposes of funds

Purposes of endowment funds

Expendable endowment funds represent funds donated by Spectris plc for the purpose of the Foundation's activities in supporting charities which promote widening access to STEM subjects through innovation and quality education, as described further in the Trustees' Annual Report. All income generated from these funds is unrestricted income.

Purposes of designated funds

Employee Nominated grant fund - The Spectris Foundation did not award the full 20% of funding allocated for employee nominated grants during this period and have therefore designated the remaining allowance of £29,000 to support employee nominations in the 2024 financial year

29