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2024-12-31-accounts

Charity Commission number: 1195233

The Spectris Foundation

Report and financial statements For the year ended 31 December 2024

The Spectris Foundation

Contents

For the year ended 31 December 2024

Reference and administrative information .............................................................................................................................. 1-2 Trustees’ annual report ......................................................................................................................................................................... 3-15 Independent auditor’s report ........................................................................................................................................................ 16-19 Statement of financial activities (incorporating an income and expenditure account) .........................20 Balance sheet ................................................................................................................................................................................................... 21 Statement of cash flows .......................................................................................................................................................................... 22 Notes to the financial statements .................................................................................................................................................... 23

The Spectris Foundation

Reference and administrative information

For the year ended 31 December 2024

Charity number 1195233
Country of registration England & Wales
Registered office and 6thFloor, The Block,
operational address Space House,
12 Keeley Street
London
WC2B 4BA
Website https://www.spectrisfoundation.com/
Trustees Trustees who served during the period and up to the date of this
report were as follows:
Andrew Heath (appointed Chair 6thDecember 2024)
Amit Agarwal
Colin Smith (resigned 6thDecember 2024)
Derek Harding (resigned as Chair 6thDecember 2024,
and as a trustee on 31stJanuary 2025)
Karen Usher
Kate Kerr
Laura Onslow-Hughes (appointed 6thDecember 2024)
Yasmin Ali
Key management Rebecca Levy Foundation Director
personnel Sarah Smith Foundation Director (Maternity Cover)
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

1

The Spectris Foundation

Reference and administrative information

For the year ended 31 December 2024

Investment Charles Stanley & Co Ltd Managers 55 Bishopsgate London EC2N 3AS 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 2024

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

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 charity’s objects also provide 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 in line 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 2024

The grant details, amount, payment terms and reporting, are decided upon on a case-by-case basis. The trustees determine the terms and conditions 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 6 major grants amounting to £694,000 during this period to support its main objective of advancing access to STEM education.

In addition, The Spectris Foundation designates a portion of its annual funding towards employee nominated small grants, as agreed in the charity’s funding agreement with Spectris plc. The charity awarded 29 small grants amounting to £120,000 to help local communities and charitable projects nominated by Spectris plc staff (as the charity’s donor). Grants were given to charities based in Brazil, Canada, China, Denmark, France, Germany, Italy, Japan, Spain, Switzerland, the UK and the USA, and varied in size from £1,000 to £5,000, with the maximum grant amount being £5,000.

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

4

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

Grants awarded to existing STEM partners

The Royal Society of Chemistry (RSC): a two-year grant equating to £74,000 towards the completion of their set of teaching videos for the Chemistry for Science Teachers professional development courses. This resource aims to enhance and build the skill levels and confidence of early career chemistry teachers and non-chemistry specialist teachers in delivering high quality chemistry lessons. The grant was awarded in July 2024, and the grant period ends in September 2026.

ENTHUSE Charitable Trust: a one-year grant of £100,000 towards their Continued Professional Development (CPD) program to enable 212 educators from schools in deprived areas of the UK to be able to provide better STEM education to the young people they teach. The grant was awarded in August 2024, and the grant period ends in September 2025.

Apps for Good: An unrestricted grant of £180,000 over three years to support core costs. Apps for Good provides free tech innovation courses to schools so that young people from all backgrounds (with a focus on those experiencing disadvantage) can develop computing and essential skills to create a brighter future through technology. The grant was awarded in September 2024, and the grant period ends in October 2027.

SAE Foundation: an unrestricted grant of £100,000 over two years was donated to continue supporting the SAE Foundation’s A World In Motion project. This provides a learning experience for students from kindergarten to 8[th] grade that brings STEM concepts to life. The program is delivered in various states across the USA. The grant was awarded in December 2024, and the grant period ends in January 2027.

Grants awarded to new STEM partners

Motivez: A three-year grant for the Sustainable London project, equating to £90,000. Motivez facilitates multi-school competitions to develop STEM-based solutions to mitigate local pollution issues. The project brings together established engineers and underrepresented minorities aged 14-17 who are disproportionately affected by climate change in deprived areas of London. The grant was awarded in May 2024, and the grant period ends in June 2027.

World Association of Girl Guides and Girl Scouts: An 18-month grant of £150,000 to develop STEM education resources for girls in Nepal and Sri Lanka that will be delivered by trained educators. The grant was awarded in July 2024, and the grant period ends in March 2026.

5

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

Ongoing grants with existing STEM partners

The Spectris Foundation continued to support the African Gifted Foundation, Engineering Education Scheme Wales (EESW), India Stem Foundation, Lightyear Foundation, CompTia Spark and Technovation; all of whom entered the second year of their funding agreement. Below is an overview and update from these programmes.

African Gifted Foundation : The Spectris Foundation provides funding towards African Gifted Foundation’s acclaimed African Science Academy. The African Science Academy is an Advanced Level school for young women with outstanding STEM potential from disadvantaged African backgrounds. They also provide the students with robotics and computer science programs alongside their A-Levels to prepare them for careers in Engineering, Science, Computing and more.

In June 2024, their cohort of 42 students graduated with excellent results. 100% of the young women achieved A*-C in Mathematics, Further Mathematics and Physics. This achievement is heightened by the fact that they completed the Cambridge International A-Level program in just 11 months.

The grant was awarded in October 2023, and the grant period ends in November 2025.

Engineering Education Scheme Wales (EESW - also known as STEM Cymru ): The Spectris Foundation is providing an unrestricted grant of £100,000 over two years to support core costs. This has enabled EESW to run their main projects in primary and secondary schools across Wales including First Lego League, F1 in Schools, Girls into STEM and EESW Project for Sixth Form students. In 2024, EESW reached 7,416 children and young people across 224 schools in Wales.

The grant was awarded in October 2023, and the grant period ends in November 2025.

India Stem Foundation: A two-year grant equating to £28,000. This grant is restricted to the continuing support of science and technology teaching at the Bharat English School and College located in Pune, India. From October 2023 – September 2024, 610 students were reached through the STEM programs. Pre- and post-session surveys showed a significant improvement in STEM knowledge among the students following the first-level sessions. Before the sessions, only 25% of the students demonstrated a strong level of knowledge which increased to 74% by the end.

The grant was awarded in October 2023, and the grant period ends in November 2025.

6

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

CompTia Spark: The project, TechGirlz ran throughout the USA, aiming to develop leading tech education curricula for girls aged 11-14 through online resources, workshops and mentoring.

During 2023-2024, the TechGirlz Program reached a total of 8,937 girls via 423 workshops. The grant was awarded in September 2022 and concluded October 2024. Unfortunately, in December 2024, CompTia Spark closed due to its parent company, CompTia (the Association), selling its certification and training business. They are hoping their STEM in-school curriculum will be adopted by another organisation.

Lightyear Foundation: An unrestricted multi-year grant for the period of three years, equating to £195,000. The Lightyear Foundation is a UK based charity that aims to break down barriers to learning, to help disabled and neurodivergent children and young adults participate in STEM education.

From January to November 2024, the Lightyear Foundation reached a broad audience of students, educators, and professionals through their various programs. 566 students were reached through the Immersive Sensory Science sessions, 17 Lightyear Labs were delivered reaching 121 students, and 15 active members were involved in the Young Person’s Forum. The newly launched Square3Roots Podcast has had an average of 250 listeners per episode and they have grown their SEND in STEM network to more than 400 members.

In addition, they have facilitated 12 Work Inspiration Trips reaching 86 students. The Spectris Foundation was delighted to partner with the Lightyear Foundation and Spectris business, Malvern Panalytical, to provide a Work Inspiration Trip for 13 young people and young adults. The students had the chance to examine objects under magnifying glasses and much more powerful microscopes, participate in an experiment to measure the size of particles in milk using a laser machine controlled by a robotic arm, and experiment with laser movement through adjusting mirror positions in a laser maze game. These interactive experiences not only captivated their interest but also provided practical insights into the applications of STEM in real-world scenarios.

Of the total 773 students engaged across all of the Lightyear Foundation programs, 92% of participants responding rated the programs as ‘excellent’ or ‘very good’. Of the 500+ educators and professionals training, 95% of participants responding reported positive changes in their approach to STEM inclusion.

The grant was awarded in October 2023, and the grant period ends in November 2026.

Technovation: An unrestricted multi-year grant for the period of two years, equating to £200,000. Technovation is 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, Japan, Kazakhstan, Mexico and Spain.

7

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

In 2024, Technovation experienced their biggest ever season with a 40% growth year on year. 31,000 girls registered onto the program, 11,000 girls created AI and tech solutions, and 3,200 AI and tech solutions were developed by the girls.

75% of participants reported increased confidence in coding and programming and 87% of Technovation Alumnae plan to, or are, studying STEM degrees.

Technovation is reaching girls in underserved communities: 59% are from low- or middle-income countries, 58% attend schools that do not teach coding, and 86% of participants in the US and Canada identified as a race/ethnicity other than Caucasian.

Sarah Smith, Foundation Director (Maternity Cover) attended the Technovation World Summit in October 2024. This inspiring event involved the 50 girls who had made it to the finals presenting the apps they had designed to solve real world problems their local communities are facing.

The grant was awarded in October 2023, and the grant period ends in November 2025.

Employee Nominated Grants

The number of employee nominated grants increased from 23 in 2023 to 29 in 2024. One of the employee nominations that was awarded a grant was the Wolo Foundation, a charity helping families affected by cancer in Sussex.

Andrew Mitchell, Group Cyber Defence Director, who nominated them said: “I’m so proud that the Spectris Foundation can give crucial funding to the Wolo Foundation. This really ensures that all members of a family are supported through such difficult times. Having a personal connection with a family that has gone through this, I can see how this funding will give a glimmer of hope in such dark times.”

Hannah Jarvis at the Wolo Foundation said, “The funding from the Spectris Foundation will bring hope and relief to families facing the challenges of cancer and means we can adapt our services as their needs change. It will help ensure that every family feels supported, cared for and never alone on their journey. The support from the Spectris Foundation means so much to us all. Thank you so much.”

Reporting and Milestones

The Spectris Foundation asks all STEM 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 and evaluation report, and a financial report. For multi-year grants, the foundation asks for annual impact data, an annual narrative and financial monitoring report, a final year activity and 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.

8

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

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

STEM PROJECT INFORMATION
(2024)		 STEM PROJECT INFORMATION
(2024)
TOTAL BENEFICIARIES 54,498
TOTAL STUDENTS 52,904
TOTAL TEACHERS 558
TOTAL OTHER(alumni benefiting from
programme)		 1,036
TOTAL VOLUNTEERING HOURS 2024 848
TOTAL VOLUNTEERING HOURS SINCE INCEPTION
(2021 – 2024)		 1,873

(2023 and 2022 volunteering hours were 645 and 380 respectively).

The Spectris Foundation asks all recipients of employee nominated grants to provide a report outlining how the grant has been used.

Financial review

During the period the Foundation received a generous donation of £1,750,000 from Spectris plc for the Foundation to use in its charitable activities. Spectris plc also provided £229,819 of ongoing funding during the period to cover the Foundation’s administrative costs. The Foundation also received £8,805 of donated goods and services.

Expenditure on charitable activities during the period was £1,044,059 principally comprising of grants awarded amounting to £814,000. Expenditure on raising funds was £67,751 comprising fully of investment management fees.

In the period under review, The Foundation recorded a net gain of £1,369,667 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 £2,764 in foreign currency movement.

The value of the Foundation’s net assets as of 31 December 2024 was £16,794,163, comprising of £16,103,666 in expendable endowment funds and £690,497 in unrestricted funds.

9

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

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 considered 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 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 2024 the total portfolio returns net of all charges including investment management fees was 11.41% comprising a capital return of 8.83% and income return of 2.58%. 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.

10

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

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

Risk Mitigation
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 months’
reserves in liquid assets
Bad PR for the
Foundation or one of
our grantees damages
our funder, Spectris by
association, leading to
funder disengagement		 •
Building strong relationship with funder to demonstrate
Foundation’s value
• Due diligence process for grantees and regular monitoring to
detect any issues early
• Grant agreement in place to ensure accountability
• Grant agreement includes grant termination clause to be
exercised if grantee brings Foundation into disrepute
• External communications – use of logo must seek request
from Foundation.
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.

11

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

Reserves policy and going concern

The trustees reviewed the charity’s reserves policy and concluded that 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 charity’s investment portfolio whilst also having a stable amount of cash available to support its operational costs and grant making activities.

At the end of the reporting period, unrestricted undesignated reserves were £690,497 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.

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.

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 2025, 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-making 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.

12

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

Finally, The Spectris Foundation will continue to allocate a portion 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.

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’s maternity leave was covered by Sarah Smith from 13[th] February 2024 until March 2025 with a handover period from 20[th] March 2025 – 25[th] April 2025.

The Foundation Director 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 the Foundation Director 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, Andrew Heath (Chair) and Angela Noon are nominated trustees, and the five remaining Board members are appointed trustees.

13

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

In June 2024, the Foundation undertook a board skills audit to identify any significant skills gaps. As a result of this process the Foundation undertook a recruitment process to seek a new trustee with experience in the charity sector, safeguarding and, if possible, volunteer management experience. Following a successful recruitment process, the Foundation has appointed a new trustee, Laura Hughes-Onslow (December 2024), who has a strong charity sector and grant making background.

We will also be appointing Leke Oluwole as a trustee in May 2025. Leke’s own STEM journey, and his advocacy for better representation in STEM, reflects our mission to enable access to quality STEM education for young people from all backgrounds.

Derek Harding stepped down as Chair and as a trustee following his appointment as President – Spectris Scientific. Colin Smith CBE has also stepped down to support the trustees’ succession planning strategy. The Board is hugely grateful to both Derek and Colin for their invaluable contributions to the setting up and running of the Foundation since its inception. Their vast leadership experiences and strategic thinking have played a significant role in shaping the direction of the Foundation.

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.

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.

14

The Spectris Foundation

Trustees’ annual report

For the year ended 31 December 2024

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 28[th] May 2025 and signed on their behalf by

Name: Andrew Heath Title: Chair

15

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 2024 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).

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.

16

Independent auditor’s report

To the trustees of

The Spectris Foundation

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.

17

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:

18

Independent auditor’s report

To the trustees of

The Spectris Foundation

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 5 June 2025

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

19

The Spectris Foundation

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

For the year ended 31 December 2024

Unrestricted
Note
£
Income from:
2
1,288,624
3
393,033
1,681,657
-
1,044,059
4
1,044,059
11
-
6
637,598
(28)
637,570
Reconciliation of funds:
52,927
690,497
Investments
Donations
Total income
Expenditure on:
Raising funds
Total expenditure
Charitable activities
637,598
Total funds carried forward
Other gains / (losses)
Net movement in funds
Total funds brought forward
Net gains on investments
Net (expenditure)/income for the year
Net (expenditure)/income before net
gains/(losses) on investments		 Unrestricted
Note
£
Income from:
2
1,288,624
3
393,033
1,681,657
-
1,044,059
4
1,044,059
11
-
6
637,598
(28)
637,570
Reconciliation of funds:
52,927
690,497
Investments
Donations
Total income
Expenditure on:
Raising funds
Total expenditure
Charitable activities
637,598
Total funds carried forward
Other gains / (losses)
Net movement in funds
Total funds brought forward
Net gains on investments
Net (expenditure)/income for the year
Net (expenditure)/income before net
gains/(losses) on investments		 Endowment
£
700,000
-		 31 December
2024
Total
£
1,988,624
393,033		 Unrestricted
£
158,256
334,979		 Endowment
£
-
-		 31 December
2023
Total
£
158,256
334,979
1,681,657
-
1,044,059		 700,000
67,751
-		 2,381,657
67,751
1,044,059		 493,235
-
968,714		 -
60,756
-		 493,235
60,756
968,714
1,044,059 67,751 1,111,810 968,714 60,756 1,029,470
-
637,598		 1,369,667
632,249		 1,369,667
1,269,847		 -
(475,479)		 932,500
(60,756)		 932,500
(536,235)
637,598 2,001,916 2,639,514 (475,479) 871,744 396,265
(28) (2,736) (2,764) (89,877) 75,311 (14,566)
637,570
52,927		 1,999,180
14,104,486		 2,636,750
14,157,413		 (565,356)
618,283		 947,055
13,157,431		 381,699
13,775,714
690,497 16,103,666 16,794,163 52,927 14,104,486 14,157,413

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.

20

The Spectris Foundation

Balance sheet

As at 31 December 2024

Note
£
£
Fixed assets:
15
11
16,040,484
16,040,484
12
93,103
1,271,382
1,364,485
Liabilities:
13
(470,806)
893,679
16,934,163
13b
(140,000)
16,794,163
15
16,103,666
-
690,497
Total unrestricted funds
690,497
16,794,163
General funds
Total charity funds
Investments
Cash at bank and in hand
2024
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
Investment properties
Debtors
Endowment funds
Unrestricted income funds:
Designated funds		 £
£
-
14,104,486
14,104,486
72,517
384,348
456,865
(338,937)
117,928
14,222,414
(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
456,865
(338,937)
117,928
14,222,414
(65,000)
14,157,413
14,104,486
29,000
23,927
52,927
14,157,413
2023
14,104,486
117,928
456,865
(338,937)
29,000
23,927
14,222,414
(65,000)
14,157,413
14,104,486
52,927
14,157,413

Approved by the trustees on 28 May 2025 and signed on their behalf by

Andrew Heath Chair

21

The Spectris Foundation

Statement of cash flows

For the year ended 31 December 2024

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 beginning of the period
Net cash (used in) investing activities
Cash flows from investing activities:
Proceeds from sale of investments
Purchase of investments
Cash and cash equivalents at the end of the period
Change in cash and cash equivalents in the period		 £
£
2,636,750
(1,369,667)
(20,587)
206,869
1,453,365
2,238,714
-
(2,805,045)
(566,331)
887,034
384,348
1,271,382
At 1 January
2024
£
384,348
384,348
31 December 2024		 £
£
2,636,750
(1,369,667)
(20,587)
206,869
1,453,365
2,238,714
-
(2,805,045)
(566,331)
887,034
384,348
1,271,382
At 1 January
2024
£
384,348
384,348
31 December 2024		 £
£
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
Cash flows
At 31 December
2024
£
£
887,034
1,271,382
887,034
1,271,382
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
Cash flows
At 31 December
2024
£
£
887,034
1,271,382
887,034
1,271,382
31 December 2023
1,453,365
(566,331)		 (363,461)
(2,825)
887,034
384,348		 (366,286)
750,634
1,271,382 384,348
At 1 January
2024
£
384,348		 At 31 December
2024
£
1,271,382
384,348 1,271,382

22

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

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 6th Floor, The Block, Space House, 12 Keeley Street, London WC2B 4BA.

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.

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.

23

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

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.

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 governance-related 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.

24

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

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
£
1,279,819
8,805		 £
700,000
-
Endowment		 2024
Total
£
1,979,819
8,805		 Unrestricted
£
149,321
8,935		 £
-
-
Endowment		 2023
Total
£
149,321
8,935
1,288,624 700,000 1,988,624 158,256 - 158,256

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

3 Income from investments

Income from investments
Interest
Dividends		 2024
Total
£
16,968
376,065		 2023
Total
£
20,748
314,231
393,033 334,979

All income from investments is unrestricted.

25

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

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
£
-
-
67,751
-
-
-		 Charitable
activities
£
133,675
814,000
-
1,154
6,066
31,033		 Governance
costs
£
33,419
-
-
17,903
-
2,130		 Support costs
£
-
-
-
1,762
-
2,917		 2024
Total
£
167,094
814,000
67,751
20,819
6,066
36,080		 2023
Total
£
77,671
814,000
60,756
18,615
13,743
44,685
67,751
-
-		 985,928
4,679
53,452		 53,452
-
(53,452)		 4,679
(4,679)
-		 1,111,810
-
-		 1,029,470
-
-
67,751 1,044,059 - - 1,111,810 1,029,470

4b Analysis of expenditure (prior 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
60,756
-
-		 928,995
5,924
33,795		 33,795
-
(33,795)		 5,924
(5,924)
-		 1,029,470
-
-
60,756 968,714 - - 1,029,470

26

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

5
6		 £
£
£
£
344,000
146,066
World Association for Girl Guiding and Scouts (WAGGS)
150,000
-
100,000
-
100,000
50,000
90,000
-
74,000
-
Technovation
-
200,000
Lightyear Foundation
-
195,000
-
100,000
-
100,000
-
28,000
694,000
723,000
120,000
91,000
814,000
814,000
(611,000)
(616,066)
Grants payable at the end of the period
547,000
344,000
2024
2023
£
£
Auditor's remuneration (excluding VAT):
Audit
10,700
10,200
Foreign exchange (gains) / losses
2,764
14,566
Royal Society of Chemistry
STEM Cymru (EESW)
2024
2023
Grant making
ENTHUSE Charitable Trust
India STEM Foundation
New grants awarded in the period:
Grants payable at the start of the period
Total grants awarded in period
Spectris employee nominated grants 29 (2023: 23) in total)
SAE Foundation
The African Gifted Foundation
Major grants (STEM grants)
Grants paid
All grants were awarded to institutions.
This is stated after charging / (crediting):
Net (expenditure)/income for the year
Motivez C.I.C		 £
£
£
£
344,000
146,066
World Association for Girl Guiding and Scouts (WAGGS)
150,000
-
100,000
-
100,000
50,000
90,000
-
74,000
-
Technovation
-
200,000
Lightyear Foundation
-
195,000
-
100,000
-
100,000
-
28,000
694,000
723,000
120,000
91,000
814,000
814,000
(611,000)
(616,066)
Grants payable at the end of the period
547,000
344,000
2024
2023
£
£
Auditor's remuneration (excluding VAT):
Audit
10,700
10,200
Foreign exchange (gains) / losses
2,764
14,566
Royal Society of Chemistry
STEM Cymru (EESW)
2024
2023
Grant making
ENTHUSE Charitable Trust
India STEM Foundation
New grants awarded in the period:
Grants payable at the start of the period
Total grants awarded in period
Spectris employee nominated grants 29 (2023: 23) in total)
SAE Foundation
The African Gifted Foundation
Major grants (STEM grants)
Grants paid
All grants were awarded to institutions.
This is stated after charging / (crediting):
Net (expenditure)/income for the year
Motivez C.I.C
91,000
814,000
(616,066)
344,000
2023
£
10,200
14,566

27

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

Staff costs were as follows:

Staff costs were as follows:
Salary costs
Social security costs
Pension costs (defined contribution plan)		 2024
2023
£
£
142,619
66,187
15,167
7,513
9,308
3,971
167,094
77,671

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

2024 2023
No. No.
£70,000 - £79,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £167,094 (2023: £77,671).

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.

No trustees' expenses were incurred during the period. During the 2023 financial year end trustees' expenses of £1,275 were incurred during the period by 4 trustees.

8 Staff numbers

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

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 £1,979,819 (2023: £149,321) were received from Spectris plc during the period. In addition donated facilities and services worth £7,651 (2023: £8,935) 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.

28

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

11 Investments

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
Investments comprise:		 2024
2023
£
£
14,104,486
10,160,873
2,805,045
3,877,828
(2,238,714)
(866,715)
1,369,667
932,500
16,040,484
14,104,486
-
-
16,040,484
14,104,486
2024
2023
£
£
2,540,005
1,736,637
3,902,098
3,568,478
3,276,028
3,485,175
6,322,353
5,314,196
-
-
16,040,484
14,104,486

Since the year end, the Foundation has seen the value of its investment portfolio fall by £486,596 (3%) primarily as a result of the changes in the US import tariffs during spring 2025.

12 Debtors

12
Debtors
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		 2024
2023
£
£
29,006
22,208
53,569
40,045
10,528
10,264
93,103
72,517
2024
2023
£
£
36,406
37,411
407,000
279,000
27,400
22,526
470,806
338,937
2024
2023
£
£
140,000
65,000
140,000
65,000

29

The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

14a
14b
15a
Movements in funds (current year)
Analysis of net assets between funds (prior year)
Investments
Net assets at 31 December 2023
Net current assets
Long term liabilities
Analysis of net assets between funds (current year)
Net assets at 31 December 2024
Long term liabilities
Investments
Net current assets		 General
unrestricted
£
(63,182)
893,679
(140,000)		 Designated
funds
£
-
-
-		 Endowment
Total funds
£
£
16,103,666
16,040,484
-
893,679
-
(140,000)
690,497 - 16,103,666
16,794,163
General
unrestricted
£
-
88,927
(65,000)		 Designated
funds
£
-
29,000
-		 Endowment
Total funds
£
£
14,104,486
14,104,486
-
117,927
-
(65,000)
23,927 29,000 14,104,486
14,157,413
Total endowment funds
Designated funds:
Employee Nominated grant fund
Total designated funds
General funds
Endowment funds:
Expendable endowment funds
Unrestricted funds:
Total funds
Total unrestricted funds		 At 1 January 2024
£
14,104,486		 Income & gains
£
2,066,931		 Expenditure &
losses
(67,751)		 Transfers
At 31 December
2024
£
£
-
16,103,666
14,104,486 2,066,931 (67,751) -
16,103,666
29,000 - - (29,000)
-
29,000 - - (29,000)
-
23,927 1,681,657 (1,044,087) 29,000
690,497
52,927 1,681,657 (1,044,087) -
690,497
14,157,413 3,748,588 (1,111,838) -
16,794,163

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The Spectris Foundation

Notes to the financial statements

For the year ended 31 December 2024

15b Movements in funds (prior year)

Total endowment funds
General funds
Unrestricted funds:
Endowment funds:
Expendable endowment funds
Total funds
Total unrestricted funds
Designated funds:
Employee Nominated grant fund
Total designated funds		 At 1st January 2023
£
13,157,431		 Income & gains
£
1,007,811		 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

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.

31