In its third full year of operation, Lloyd’s Register Foundation has more doubled the amount of funding it awarded to £34.6m.
Its annual review shows that for the 2015/16 financial year it awarded £34.6m, compared to £12.7m the year before.
Some 35 grants were awarded, including £10m as a founding partner of the Alan Turing Institute, which will develop research and education in the area of data-centric engineering.
The foundation's income was £29m. Some £20m came from its the trading arm, Lloyd’s Register Group Ltd, and £9m came from investments.
Thomas Thune Andersen, chair, said: “Now in our third full year of operation, we are seeing the Foundation continue to increase the scale of its grant funding strategy, with grants awarded in the year more than doubling year on year. The 2014-2020 funding strategy that we set out two years ago has given us focus to deliver a balanced portfolio of support to meet society’s needs.”
When the foundation was registered with the Charity Commission in 2015 it became the first charity to have an income of £1bn. This was because it is the sole owner of the Lloyds Register - a safety assessment organisation which dates back to 1760, when it existed to facilitate agreements between insurers and ship owners.
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