The Tellus Mater Foundation Limited
Annual Report and Unaudited Financial Statements
5 April 2025
Company Limited by Guarantee Registration Number 03750774 (England and Wales) Charity Registration Number 1077092
Directors’ report Year ended 5 April 2025
The directors present their statutory report together with the unaudited financial statements of The Tellus Mater Foundation Limited for the year ended 5 April 2025.
This report has been prepared in accordance with Part VIII 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
Constitution
The Tellus Mater Foundation Limited is a company limited by guarantee (Registration Number 03750774) and a registered charity (Registration Number 1077092).
Directors
The names of the directors who served during the period are set out as part of the reference and administrative information on page 1.
The Articles of Association require a minimum of two directors and a maximum of seven. Directors may co-opt any person duly qualified to fill a vacancy in their number or as an additional director. Decisions on investments and donations are taken by all directors.
Directors’ responsibilities statement
The charitable company’s directors (who are also trustees of the Foundation for the purposes of charity law) are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of The Tellus Mater Foundation Limited and of its income and expenditures for the financial year then ended. In preparing these financial statements, the directors are required to:
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¢ select suitable accounting policies and then apply them consistently;
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¢ make judgements and estimates that are reasonable and prudent;
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¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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Directors’ report Year ended 5 April 2025
OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES
Charitable objectives and activities
The charity’s principal activity is its 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 to them. These areas include the environment and supporting forward thinking organisations to put in place a low impact future. The directors do not anticipate any changes to their grant making priorities.
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 activities and setting the grant making policy for the year. Whilst the directors are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.
Grant making policy
The Tellus Mater Foundation is dedicated to 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 grant-making and do not respond to unsolicited applications. Instead, if an organisation identifies that it has strong links to the Tellus Mater Foundation’s funding objectives, the directors would encourage the organisation to contact them via the charity’s website www.tellusmater.org.uk.
The grant making process usually involves an initial conversation followed by the submission of a concept note briefly stating the background, objectives, activities and budget for the project, to be assessed by the directors.
Investment policy
The investment strategy is set by the directors, who consider the charity's income requirements, the risk profile and the view of economic and market conditions. The investment objectives are to obtain a balanced return from both capital growth and income. The directors meet on a regular basis to consider the charity’s portfolio and investment performance.
Fundraising
The Foundation does not fundraise directly with individuals and therefore is not registered 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.
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James Arbib
12th November 2025
15 December 2025
James Arbib
12th November 2025
Principal accounting policies 5 April 2025
Charity Information
The Tellus Mater Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 61 Grosvenor Street, London, W1K 3JE.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.
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 financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), 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 under the historical cost except for the modification to a fair value basis as specified in the accounting policies below.
The charity constitutes a public benefit entity as defined by FRS 102.
All financial information is presented in British Pounds Sterling (£), the charity’s functional currency, and has been rounded to the nearest pound (£).
Critical accounting estimates and judgements
The valuation of unlisted investments included in these financial statements is subject to estimation uncertainty. The directors have determined the fair value of some of these investments based on information provided by the respective fund managers, which typically includes investment reports, financial statements, and other relevant data.
Due to the inherent nature of unlisted investments, there is no active market to provide observable prices. Consequently, valuations rely on assumptions and methodologies applied by the fund managers, which may include discounted cash flow models, comparable company multiples, or other valuation techniques. These assumptions involve significant judgement and are sensitive to changes in market conditions, performance of underlying investments, and other economic factors.
The directors have reviewed the information provided and consider it to be the best available basis for determining fair value at the reporting date. However, actual realisation values may differ materially from these estimates.
Assessment of going concern
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The directors have made this 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 liabilities as they fall due.
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Principal accounting policies 5 April 2025
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 received 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 reliably using the effective interest method.
Expenditure
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. It includes VAT which cannot be recovered.
Expenditure on charitable activities comprises grants payable, charitable project costs and related support and governance costs.
Grants payable
Grants payable are recognised when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the financial statements.
Charitable project costs
Project costs are recognised when the obligation to make a payment arises.
Support and governance 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 practice.
Investment management fees incurred in managing the investments of the endowment are charged against the endowment fund.
Fixed asset investments
Fixed asset investments comprise both listed and unlisted investments held to generate income and capital growth in furtherance of the charity’s objectives.
Listed investments are stated at fair value, measured by reference to the closing market bid price at the reporting date. Gains and losses arising from changes in fair value are recognised in the Statement of Financial Activities within “Gains/(losses) on investments’.
Unlisted investments, which primarily comprise holdings in pooled funds or private equity vehicles, are valued as follows:
fe) Where reliable market data is available, investments are carried at fair value based on the most recent investor reports or valuations provided by fund managers. fe) Where such information is not available or cannot be reliably measured, investments are held at cost less impairment, representing the best estimate of fair value in accordance with FRS 102 Section 11 and 12.
Financial instruments
The charity only holds basic financial instruments as defined in FRS102. The financial assets and financial labilities and their measurement basis is as follows:
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Principal accounting policies 5 April 2025
Financial assets —debtors and accrued income are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank — is classified as a basic financial instrument and is measured at face value.
Financial liabilities —-grant creditors and accruals are financial instruments and are measured at amortised cost.
Debtors
Other debtors and loans receivable are initially recognised at their settlement amount and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective 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 to collect all of the amounts due.
Prepayments are valued at the amount prepaid.
Cash at 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 term deposits.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at 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 reliably.
Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently at amortised cost.
Foreign currency transactions and balances
Cash held in foreign currency financial statements are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction.
Fund accounting
Transfers between these funds are permitted only when approved by the trustees and in line with the terms of the endowment. Specifically:
fe) From expendable endowment to unrestricted funds: Transfers may be made where the trustees resolve to release part of the endowment for general charitable purposes, provided this is consistent with the governing document and any donor-imposed conditions. The trustees must ensure that such transfers do not result in the expendable endowment fund having a negative balance.
fe) From unrestricted funds to expendable endowment: Transfers are not normally made, as the endowment represents funds set aside for long-term investment.
For the current year, the transfer from the expendable endowment to unrestricted funds was made to offset the net liabilities position of the unrestricted fund, ensuring the charity remains in a positive overall financial position.
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