Companies House The Tellus Mater Foundation Limited Annual Report and Unaudlted Flnanclal Statements 5 April 2024 Company Llmiled by Guarantee Reglslf8llon Number 03750774 IEn918nd ond W81811 Charity Regi81raJon Number 1077092 •ADTER16J• 0210112025 COMPANIES HOUSE
202
Conlents Reports Reference and administrative information Directors, report Report of the Independent Examiner Financial statements Statement of financial activities Balance sheet Stalement of cash flows 10 Principal accounting policies Notes to the financial statements 14 The Tellus Mater Foundation Limited
Reference and administrative information Dlrectors Mr J Arbib Mr 8 Olsén Company secretary Mr J Whittaker (resigned 16 April 2024) Mr N Mumford (appointed 2 May 2024) Registered office 61 Grosvenor Street London W1K 3JE Company reglstration number Charfty reglstration number Independent Examlner 03750774 (England and Wales) 1077092 Buzzacott LLP 130 Wood Street London, EC2V 6DL Bankers C Hoare & Co 37 Fleet Street London, EC4P 4DQ Sollcltors Wilsons LLP Alexandra House Sl Johns Street Salisbury SP12SB The Tellus Mater Foundation Limited I
Directors, report Year ended 5 April 2024 The directors present their statutory report together with the unaudrted financial statements of The Tellus Mater Foundation Limrted for the year ended 5 April 2024. This report has been prepared in accordance with Part Vlll of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 13 of the attached financial statements and comply with the Memorandum and Articles of Association of The Tellus Mater Foundation Limited, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), GOVERNANCE, STRUCTURE AND MANAGEMENT Constltutlon The Tellus Mater Foundation Limited is a company limrted by guarantee (Registralion Number 03750774> and a registered charity (Registration Number 1077092). Dlrectors The name3 of the directors who seried during th8 period are sel out ag Part of the reference and adminlstrative infomalion on page 1. The Articles of Associalion require a minlmum of bwo directors and a maximum of seven. Directors may co-opl any person duly qualified lo fill a vacancy in their number or as an additional director. Decision3 On investments and donations are taken by all directors. Dlrectors, responslbilltles statement The charitable company'8 directors (who are also trustees of the Foundation for the purposes of charity law) are responsible for preparing the annual report and financial stalements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the dlrectors to prepare financial statements for each financial year. which give a true and fair view of the slate of affairs of The Tellus Mater Foundation Limited and of ils income and expenditures for the linancial year then ended. In preparing these financial ststements, the directors are required lo.. select suitable accounting poltcies and then apply them consistently,. observe the methods and principles in Accounling and Reporting by Charities Statement of Recommended Practice applicable to charrties preparing their financial statements in accordance with Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102)., make judgements and estimates that are reasonable and prudent., • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements-, • prepare the financial statements on the goin9 concern basis unless it is inappropriale to presume that the charity will continue in operation. The Tellus Mater Foundalion Limited 2
Directors, report Year ended 5 April 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT (¢onlinugd) Directors, responsibilities statement (continued) The directors are fesponsible for maintaining proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. Rlsk management The directors have identified the major risks to which the charity is exposed and remain confident that they have in place systems and procedures lo mitigate the risks. They feel that the main risk to which the charity is exposed is the protection of assets and income. The income of the charity is mainly derived from the portfolio of investments held within the charity. The direclors monitor the perfomiance of the investments and regularly review their investment policy, meeting on a quarterly basis lo consider the inv•strnent yields and capital growth. Key management personnel The directors are the key management and as such have not received any remuneration for their ser4ices. The Tellus Maier Foundation Limited 3
Directorf report Year ended S April 2024 OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES Charitablg objectives and activities The charity's principal activity is ils grant-making programme. In accordance with its Articles .of Association the charity's objective is to promote any charitable purpose or support any charity selected by the directors. The directors seek through their grant-making programme to support charitable projects in areas identified as being of particular interest lo Ihem. These areas include the environment and supporting forward thinking organisations to put in place a low impact future. Th& directors do not antlcipate any changes to their grant making priorilles. The directors confirm that they 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 future activitie8 and setting the grant making policy for the year. Whil¥t the diroclor3 are mindful of their own obligation to ensure that the charity benefits tho public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate lor the public benefit. Grant maklng pollcy The Tellus Mater Foundation is dedlcated lo exploring the potential for disruptive technologies to solve critical environmental and social challenges, and to educate key audiences about the solutions. The directors take a strategic approach to granl-making and do not respond to unsolicited applications. Instead, if an organisation idenlifies that it ha8 strong links to Ihe Tellus Mater Foundation's funding objectives, the directors would encourage the or9anisalion lo contact them via the charity's website vpww.lellusmaler.org.uk. The grant maklng process usually Involves an inrtial conversation followed by the submission of a concepl note briefly stating the background, objectives, activities and budget for the project, to be assessed by the director$. Investment pollcy The investment stralegy is set by the directors, who consider the charity's income requirements, the rlsk profile and the view of economic and market conditions, The investment objectives are to obtain a balanced relurn from both capilal growlh and income. The directors meet on a regular basis lo consider the ch8rrty's portfolio and investment performance. Fundraising The Foundation does not fundraise directty with individuals and therefore is not regislered with the Fundraising Regulator. No fundraising activities are undertaken and if donations from individuals were received, the Foundation would aim to protect personal data and would never sell data or swap data with other organisations. The Tellu5 Mater Foundation Limited 4
Directors, report Year ended 5 April 2024 ACHIEVEMENTS AND PERFORMANCE During the year ended 5 April 2024, grants payable amounted to £56,68412023 - £55,681) and a further £1.886,684 was spenl on charitable projects (2023 £658,$42). Details of grants are provided in Note 3 to the financial statements. We have continued to financially support Rethinkx who continues to be an impartial and dala-driven leading independent think tank that analyses and forecasts the speed and scale of lechnology-driven disruption and its implications across society. The Foundation continues lo support the research in technology disruption to address key issues created by technology convergence and the new business models across key market sectors. The research helps identrfy pivotal choices to be made by inveslors, business, policy and civic leaders. The directors are pleased to report that Rethinkx continues to work towards receiving funding to support its work from other 3rd parties. Investment performance The investment portfolio generated unrealised gains on changes in market value of £231,813 {2023 - gains of £66,153). There were realised losses on disposa18 for the year ended 5 April 2024 of £53,643 (2023- losses of £14,292>. The investment portfolio yielded dividends and interest amounting to £53,907 (2023 £62,055) in the year. The diredors consider investment performance to be in line with market conditions. In addition, interest was earned on cash held in short-temi deposrt financial statements and accrued interest on an oulslanding loan amounting to £7,280 (2023 £878). The Tellus Mater Foundation Limited 5
Directors, report Year ended 5 April 2024 FINANCIAL REVIEW Results for the period During the year ended 5 April 2024, the unrestricted funds generated income of £61,187 12023 £62,933) from Investments and incurred expenditure of £1,948,853 (2023 £719,997) of which 2.90/tr related to grants payable and 96.70h related to expenditure on the charitable project - Rethinkx. After transferring £2,363,085 from the expendable endowment fund, the unrestricted fund totalled £573,240 (2023 - £97,281). After investment gains of £178,170 (2023 - gains of £51,861). investment managers fees of £3,212 and the transfer to the unrestricted fund of £2,363,085, the expendable endowment fund lolalled £6,067,835 (2023- £8,255,982) at 5 April 2024. ReseNes pollcy and flnanclal poslllon As at S April 2024 total reserves amounted to £8,641,075. The directors, policy on reserves 13 lo expend the income generated by the endowment fund to the fullest extent P08sible, in as much that Ihe directors are able to identify suitable recipients during the year. The endowment will be invested wlth the intent to, a8 lar as possible, relain its capital value and produce an annual income. FUTURE PLANS The directors are satislied with their grant making policy and it is their intention to support a wide and varied number of charities. Approved by the directors and signed on their behalf by.. James Arbib (Dec 14, 2024 10,'19 GMT) James Arbib Director Approved on.. 1411212024 The Tellus Mater Foundation Limited Registered Company Number 03750774 {England and Wales) The Tellus Mater Foundation Limited 6
Report of Ihe Independent examlner Year ended 5 April 2024 I report to the charity trustees on my examination of the financial statements of the charitable company for the year ended 5 April 2024. Responslbllllles and basls of report As directors of the charitable company and also its trustees for the purposes of charity law, you are responsible for the preparation of the financial statements in accordance wrth the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of your charity's financial slalements as carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the applicable Dife¢tions given by the Charity Commission under section 145(51{b) of the Charities Act 2011. Independent examingrfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination givlng me cause to believe in any material respecl.. accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006,. or • the financial statements do not accord with those records., or • Ihe financial Statements do not comply with Ihe accounting requlrement8 Of sectlon 396 of the Companies Act 2006 other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination-, or • the financial statements have nol been prepared in accordance with the methods and principles of the for "Accounting and Reporting by Charities.. the Stalement of Recommended Praclice applicable to chaflties preparing their accounts in accordance with th6 Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 102)° I have no concems and have come across no other matters in connectlon with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Katharine Patel Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL 02 lanuary 202S The Tellus Mater Foundation Limited 7
Stalement of financlal activltles year to 5 April 2024 Unrestricted Expendable funds endowment Totsl 2024 Total 2023 Notes Incom• from: Investrnent income Interest receivable Total incom• S3.907 7.280 61.187 63,907 7,280 61,187 62,055 878 62,933 Exponditurn on: On charitable activities Netlosses on foreign exchange Total oxpendlture 1,947.927 926 1.948,853 3,212 1,951,139 926 1,952,066 723,118 131,805) 691.313 3.212 N•t expondlture b•lor• g•ln8 on investments 11,887.6661 13,212) 11,890,878) 1628,3801 Net gains on investments 178,170 178,170 51,861 Not {expenflllurell Income beforn transfern 11,887.688} 174,958 11,712,708) 1576,5191 Tr4n8fers b880n lunds 2.363,085 12,363,085) Net In¢om•llexp•ndlture) and n•t mov•menl In funds for the year 475.419 (2.188,1271 (1,712,708) (576.519) Fund balances brought forn•rd at 6 Aprll 2023 97.821 8.255.962 ,353,783 8.930.302 Fund balances c•rrl•d forn•rd at 6 AprS12024 12 573,240 6.067,835 6,641,075 8,353,783 All recognised gains and losses are included in the above statement ol financial activities. All of the charity's activities are derlved from continuing operalions. The Tellus Maler Foundation Limited 8
Balance sheet as at 5 April 2024 2024 2024 2023 2023 Notes Flxed a88•t8 Investments 6,048,662 7.743.664 Current assets Cash at bank Oebtors.. amounts falling due within one year Debtors.. amounts falling dué after one year 589,583 613.319 3,299 3,731 696,613 613.319 Currnnt liabllltles Creditors.. amount5 falling due wllhin one year 10 14,2001 {3,200} Net eurr•nt a••ot8 592,413 610,119 Total net a88ets .641,076 8,353,783 The fund8 of th• ch•rlty Capital lunds Expendable endowment fund Incofne fvnds Unrestricted fijnds 8,067,836 8.255,982 673,240 97,821 Total ch•rfty fund8 6,641,076 8,353,783 For the year ended S April 2024 the company was entitled to exemption from audit under section 477 of the Companie5 Act 2006 ('the Act"} relating to small companies. The members have not required the company to obtain an audit of ils financial statemenls for the financial period in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of financial statements. These financial slatements have been prepared in accordance with the provisions applicable to Companies subject to the small companies, regime. Approved by the directors and signed on their behalf by.. Dlrector James Arbib (Dec 14, 2024 10..19 GMT) James Arbib Approved on.. 1411212024 The Tellus Mater Foundation Limited Company Registration Number 03750774 {England and Wales) The Tellus Mater Foundation Limited 9
Slalement of cash flows as at 5 April 2024 2024 2023 Notes Ca8h flows from oporatlng a¢tlvltles: Net cash used in operating aGlivities A (1.950,1391 (722,778} Ca8h flow8 from Inv?$tlng aetlvlll••: Investment income ané interest receivable Proceeds from the disposal of investmenls Nèt Capital Purchases Net eash provld•d by Investlng a¢tlvltie& 54,167 2,967,878 {1,094,706) 1,927,329 62,933 400.000 198,1651 364.768 Chango In cash and eash oqulvalonts in tho year 122,8101 1358,0101 Cash and cash equl¥alonts at 6 Aprll 2023 613,319 939,524 Changes in cash due to exchange rate movements on monetary assets (9261 31.805 Cash •nd cash equlvalents at 5 Aprfl 2024 589,083 613,319 Notes to Ihe ststernent of ¢a8h flow8 for tho ygar to 5 Aprll 2024. A R•conclllatlon of net mov?ment In fund• to n•t Cash used In operatlng aellvltl•i 2024 2023 Not rnov•m•nt In funds la• per th• Jtslgmont of flnan¢lal actlvltlesl (1,712,708) (576,519) AdJu8tm•nts for.. Interest fèceivable Investment Income Gains on movements in martet value of Investments G8ins on disposal ol investments Net Ios5esllgainsl on fofelgn exchangg translallon ol monetary assets Increase in creditors N•t Cash u8od In o (7,280) 1878) 153,9071 162,0551 <231,813 {66, 753) 63,643 14.292 926 131.8051 1,000 340 {1,950.139) (722.7781 Qratln a¢tlvltl•• 8 Analy¥ls of cash and ca•h equlval8nts 2024 2023 Cash at bank and In hand Short lem) d8pogits (less than three months) Total cash and ¢a•h equlval•nts 570,410 101,021 19.173 589,583 512,298 613.319 The Tellus Mater Foundation Limited 10
Princlpal accountlng policies 5 April 2024 The principal accounting policies adopted, judgements and key sources of estimatFon uncertainly in the preparation of the financial statements are laid oul below. Basls of preparallon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial stalements in accordance with the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost except for the modification to a fair value basis as specffied in the accounting policies below. The charity constitutes a public benefrt entity as deflned by FRS 102. All financial information is presented in Britlsh Pounds Sterling 1£). the charity'8 functional currency. and has been rounded to the nearest pound {£). Crltical accountlng estlmates and Judgements The preparation of financial statements requires the use of certain critical accounting estimates and judgements. The directors do not consider that Ihere are any sources of eslimation uncertainty or key judgements made in the preparation of the financial slatements. Assessment of golng con¢orn The directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The directors have made Ihis assessment in respect to a period of one year from the date of approval of these financial statements. The directors consider that the expected investment returns and Investment performance of the charity's investment portfolio will be sufficient to generate financial resources to allow the charity to continue its charitable activities for the foreseeable future and meet Ilabililies as they fall due. Income Investment income comprises dividends and interest on the charity's portfolio of listed investments. Dividends are recognised once the dividend has been declared and the charity has receivèd notification that the dividend is due. Interest on the charity's investment portfolio and funds held on deposit is recognised when receipt is probable and the amount can be measured reliabty using the effective interest method. The Tellus Mater Foundation Limited 11
Princlpal accounting policles 5 April 2024 Expenditure Expenditure is recognised once there is a legal or Constructive obligation to make a payment lo a third party, it is probable that settlement will be required and the amount ol the obligation can be measured reliably. It includes VAT which cannot be recovered. Expendrture on charitable activities comprises grants payable, charitable project costs and related support and governance Cosls. Grants payable Grants payable are recognised when approved and when the intended recipient has either received the funds or been infomed of the decision to make the donation and has sat15fied all related conditions. Granls approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informe(l or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes lo the financial statements. Charitable project costs Project costs are recognised when the obligation to make a payment arises. Support and govem8nc8 Costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities, Support costs include administration, personnel and governance costs. Governance costs include audit costs and legal costs relating to the charity's compliance with regulation and good praclice. Inveslment management fees incurred in managing the investmenls of the endowment are charged againsl the endowment fund. Fixed asset 5nvestments The charity's investment in quoted shares and similar inveslments are inillally measured at ost and subsequently at market value. Investment gains and losses, whether realised or unrealised, are recognised in the statement of financial activities in the period in which they arise. The charity's investmenl in unquoted shares and similar investments are initially carried at cost and subsequently at market value using an appropriate valuation methodology determined by the directors, Flnanclal instruments The Charity only holds basic financial instruments as defined in FRS102. Financial assets and liabilities and Iheir recognition and measurement bases are as foll0v. Debt instruments that are payable or receivable wrthin one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. At the end of each reporting period financial assets are assessed for objective evKJence of impaiment. If such evidence is identified, an impaimient loss is recognised in the statement of financial activities. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and a best estimate of the recoverable amount. The Tellus Mater Foundation Lirniled 12
Principal accounling policies 5 April 2024 Flnancial Instruments (continued) A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled in cash, or when substantially all the risk and rewards of ownership of the financial asset have been transferred to another party. A financial liability is derecognised when the contract that gives rise to rt is settled, sold ancelled or expired. Debtors Other debtors and loans recetvable are initially recognised at their settlement amount and subsequently at amortised cost or their recoverable amount. Impairmenl provisions are recognised when there is objectlV8 evidence. such as significant financial difficulties on the part of the counterparty or default or a significant delay in payment, that the Charity will be unable lo collect all of the amounts due. Cash al bank and In hand Cash at bank and in hand represents such financial statements and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short lerm deposits. Creditors and provislons Creditors and provisions are recognised when there ig an obligation al the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated r•liably. Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay lo seltle the debt, and Subsequently at amort15ed cost. Forelgn currency Iransactions and balances Cash held in. foreign currency financial slalements are translaled into sterling at the rates of exchange ruling at the balance sheet dale. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Fund accountlng The unrestricted funds represent funds available for the general charitable purposes of the charity at the discretion of the directors. The expendable endowment fund represents monies retained as capital which is available for the general charitable purposes of the charity at the discretion of the directors. The Tellus Mater Foundation Limited 13
Noles to the financial statements 5 April 2024 1 Investmont income 2024 2023 Investments listed on 8 recognised stock èxchange.. Dividends- UK unit trusts Diwdends - UK equities 30,166 23.741 53,907 44,329 17,726 62.055 2 Interest receivable 2024 2023 Short lemi deposits Accrued Loan Interest 250 7,030 7,280 878 878 3 Expendlture on charltable actlvltles 2024 2023 Gr•nt8 p•yabl• Clienl Earth Toniic LLC Total grants payable Exp•ndltur• on ¢harlt•bl• prol•ct• Rethinkx Support and govern•nco ¢9•ts {nole 41 60,000 6,684 66,684 50.000 5.681 55,681 1,886,684 7.771 1,951,139 658,542 8,895 723,118 A reconciliation of grants payable and grant commltments are 8$ follows.. 2024 2023 Grant commltrnents at 6 Aprfl 2023 Grants made during the year. less lapsed commitments Tol81 grants payable Grants paid during the year Commltments at S Aprll 2024 66,684 66,684 156,684) 55,681 55,681 (55,681) The Tellus Mater Foundation Limited 14
Noles lo the financlal staiements 5 April 2024 4 Support and governance costs 2024 2023 Investment management fees Professional costs Office expenses Govemance costs 3,212 3.121 1,563 664 3,547 8,895 4,569 7,771 Analys1$ ofgov•man¢• ¢osts'. 2024 2023 Independent examination Bank charges 4,300 259 4,559 3.280 267 3.547 S Dlrectors, rernuneratlon and the cost of key managemenl personn•l The charity did not employ any staff during 2024 {2023- none). No direGlor reGelved ony remuneration In respect ol their $grvice3 as a dlmdor dunng the year12023- none). No directors were reimburyJed for any expenditure incurred In the performanc4 of Ihelr duties during Ihe year12023- none). The direclors, of the charity are considered to be the key management personnel. 6 Taxation The Tellus Maler Foundation 18 a registered charlty and thereforè Is not liable to income lax or corporatson tax on income derived from ils charitable activities, as it falls wilhin the various exemptions available to regislergd charlties. The Tellus Mater Foundation Limited 15
Notes to the financlal stalements 5 April 2024 7 Investments Fixed asset investments comprise both listed and unlisled investments as follows: 2024 Listed 2024 Unlisted 2024 Total 2023 Total Investm•nt8 Market valu8 at start of year Nel Capital purchases Disposals at carying value {Proceeds,' £2,967,878,, Realised losse5.' £53,643) Valuation gainsl{lossesl In year Market value at end ol year 7.335,064 982,670 408,600 112,036 7,743,664 1,094,706 7,993,638 98,165 (3.021,521) 294,370 5,590.583 (3,021,521) 231,813 6,048.662 1414,2921 68,153 7,743,664 162,557) 458,079 Historical cost 3.396.372 117,716 3.514,088 4,239,962 Capital dislribuliong have been accgunied for as a redudion in th8 value of the 0ri9inal inveslm8nl. The Foundation's unlisted investments include invesknenl enlilies with polentsal luturg capital drawdowns al 5 April 2024 of £0.5m12023 .£0.8ml All listed investmenls were dealt in on A rècognised stock exchange. The unlisted investments are included at a directors. valuation. The amounts ffjcognised in the statement ol financlal activilie¥ relating lo the inve8tm8nls ara.. 2024 2023 Realised losses on disposal Unrealised gains on movement8 in marf(et value (83,643} 231,812 178,169 (14,2921 66,153 51,861 Investments comprfse.. Quoted Investments 2024 Unquoted Invaslments 2024 Total 2024 Tolal 2023 Investment assets in the UK UK Unit & Investment Trusts UK Equlties 5,590,583 S,590,683 8,472,092 862.972 7,335.064 5,590,583 6,590.683 Investment assets outside tho UK 458.079 458,079 4S8,079 4S8,079 408,600 408,600 Total 5,590,583 458,079 6,048,662 7,743,664 The Tellus Maler Foundation Limited 16
Noies to the financial slalements 5 April 2024 7 Investments (continued The following individual holdings had a market value in excess of 5Vts of the entlre investment portfolio at the year-gnd.. 2024 2023 Fundsmith Equity I Class Osmosis MoRe World Resource Fund D T Bailey Evenlode C Inst Wheb Sustainability Fund C Inc Shares Lansdowne Energy Dynamics Class B Non Réstricted Invesco Perpetual Tackn"eal Bond Z Inst 1,600,901 1,432,278 1,067,956 2,068,623 1,636,037 1,1 $5,289 862,972 976,003 664,172 863,693 635,764 8 Cash at bank and short term deposits 2024 2023 C Hoare & Co 570.410 670,410 101.021 101,021 Ci•h •1 Bank Triodos Bank NV Thesis Asset Management Ltd Ca8h hold by Inve8tm•nt m•n*ger8 105,415 406,883 512.298 19,173 19,173 689,583 613,319 Debtors 2024 2023 Withln one year- loan interest accrua15 After one year- loan interest 8c¢ruals 3,299 3,731 7,030 10. Credltor3: amounts falllng due wlthln one year 2024 2023 Accru?Is 4.200 4,200 3,200 3,200 The Tellus Mater Foundation Limited 17
Notes to the flnanclal gtatements 5 April 2024 11. Related party transactlons Mr J Arbib is a Director of Thamesis Limited. The charity holds 4 ordinary 5 pence shares in Tham851S Limited which represents 2.59/0 of its issued share capilal. The charity holds the shar85 at their nominal value. Mr J Arbib is also a lounding mèmbgr and director ol R8thinkX Inc & Rethinkx {UK) Ltd. Payments lo Rethink X are shown in note 3. 12. Analysis of net assets between funds Unrestricted Expendable & Restricted endowment funds Totsl 2024 Fund balanc98 016 Aprll 2024 arn r•pr•8•nt¢d by: Investments Cash al bank and short temi deposit$ Oebtors.. amounts 1ollin9 due within one year Debtors.. amounts falling due after more than one year Creditors,. amounts falling due within one yt8r Total net assets 6,048,682 19.173 8,048,662 570,410 569,583 3,299 3,299 3.731 3,731 14.2001 f4.200) 573,240 8,641,075 6,067,835 The Tellus Mater Foundation Limited 18