The Foundation’s income for the year was £12 million and we awarded grants totalling £17.2 million. Highlights from the year include the appointment of a Managing Director; the development and publication of a six-year strategy and commencement of major grant giving in key research and education areas under our strategy; and the publication of our first international foresight review exercise on nanotechnology.
One of the Foundation’s advantages is the ownership of a large risk-based engineering organisation, Lloyd’s Register Group Limited (LR), and our income included a £4 million donation from LR. LR employs experts in a number of fields which are also able to help advise the Foundation on real-world challenges and priorities. It also helps us to deliver our public benefit agenda – to enhance the safety of life and property and advance public education- as LR’s services help its clients to ensure the quality construction and operation of critical infrastructure.
Professor Richard Clegg, MD of the Lloyd’s Register Foundation says: “We are proud that in 2013/14 a good start has been made in implementing the strategy and beginning to strengthen our grants portfolio. The profile and esteem of the Foundation is becoming established, and the benefit and impact we are creating is being recognised. Our vision is to known worldwide as a leading supporter of engineering-related research, training and education that makes a real impact in improving the safety of the critical infrastructure on which modern society relies. Towards that end we have made a good start to build on”.
Our unique relationship with LR helps to define the Foundation. In reality, the Foundation is a relatively small charity which provides grants and other funding to advance safety and public education. The ownership of a large trading organisation, which part funds the Foundation through its trading profits, means we do not have to commit increasing resources to fundraising, as other charities are having to do, but instead we can focus on developing our plans without concerns as to whether we will have sufficient funds available.
LR has also published its Group Review 2014 and the two reports illustrate the developing relationship between the two bodies, both guided by our mission to protect life and property through securing high technical standards of design, manufacture, construction, maintenance, operation and performance and to advance public education. For more details see www.lr.org/gr2014
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