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 b8￿80n 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