Registered number: 11849153 Charity number: 1183233
FAROS FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
FAROS FOUNDATION
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
FAROS FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025
Trustees
Prof G Manthorpe, Chair Prof M Clarke P Lloyd P Waring, Treasurer
Company registered number
11849153
Charity registered number
1183233
Registered office
Courtenay House Pynes Hill Exeter England EX2 5AZ
Accountants
Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
Page 1
FAROS FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
The Trustees present their annual report together with the financial statements of the company for the year ended 28 February 2025. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the Charity are for the public benefit, to advance education, research and training in particular, but not limited to, in relation to the nature and uses of open-source data and data management in the fields of security and public policy.
b. Activities undertaken to achieve objectives
In 2021 and 2022, part of the focus was on administrative aspects, such as setting up the charity's brand and a website as well as to promote who we are and what we can offer. Well received presentations and workshops were delivered to several organisations, including the national police chiefs' council (NPCC) and the diplomatic protection squad.
FAROS has since successfully delivered two grants in line with the Charity objectives, focused primarily on the use of open-source data and data management in international security contexts.
Achievements and performance
a. Main achievements of the company
Thus far, FAROS has successfully delivered a training programme to the National Police Chiefs’ Council (NPCC) in relation to carrying out internet investigations. This has been provided to the NPCC for trial and review with further work to be undertaken in the year.
The charity has successfully conducted all research and training activities with high customer satisfaction, appointed a Chief of Operations and began work to produce an updated strategy for the Charity, including the introduction of new policies and an update of the Charity’s brand and website.
Page 2
FAROS FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company has full support from its member, Ridgeway Information Ltd, which shall provide financial support. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
At present, the charity does not have a minimum level of reserves. Costs so far have been covered by the charity’s member.
c. Review
During the period, the charity received total income of £316,958 (2024: £248,998) and had total costs of £291,051 (2024: £243,253) giving a surplus of £25,907 (2024: £5,545).
Structure, governance and management
a. Constitution
FAROS Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 27 February 2019. It is registered as a charity with the Charity Commission.
The directors of the company are also charity trustees.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
A person who qualifies and is willing to act as a trustee will be appointed by the charity’s current trustees. Decisions to appoint will be discussed and voted upon during trustees’ meetings.
Page 3
FAROS FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on _______ 31/07/2025 and signed on their behalf by:
................................................
Prof G Manthorpe (Chair of Trustees)
Page 4
FAROS FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
Independent examiner's report to the Trustees of FAROS Foundation ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 28 February 2025.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection 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.
Page 5
FAROS FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 31/7/25
Laura Waycott
FCA
Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
Page 6
FAROS FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2025
| Note Income from: Charitable activities 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 316,626 332 316,958 291,051 291,051 25,907 2,503 25,907 28,410 |
Total funds 2025 £ 316,626 332 316,958 291,051 291,051 25,907 2,503 25,907 28,410 |
Total funds 2024 £ 248,595 403 248,998 243,453 243,453 5,545 (3,042) 5,545 2,503 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
FAROS FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 11849153
BALANCE SHEET AS AT 28 FEBRUARY 2025
| Note Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
88,275 4,879 93,154 (64,744) |
28 February 2025 £ 28,410 28,410 28,410 28,410 - 28,410 28,410 |
32,074 13,735 45,809 (43,306) |
29 February 2024 £ 2,503 |
|---|---|---|---|---|
| 2,503 | ||||
| 2,503 | ||||
| 2,503 | ||||
| - 2,503 |
||||
| 2,503 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 31/07/2025
Prof G Manthorpe
(Chair of Trustees)
The notes on pages 9 to 17 form part of these financial statements.
Page 8
(A company limited by guarantee)
FAROS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. General information
The company is a private company limited by guarantee, incorporated in England. The registered office is Courtenay House, Pynes Hill, Exeter, England, EX2 5AZ. The member of the company is Ridgeway Information Ltd. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
FAROS Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
FAROS Foundation has a positive reserves balance of £28,410 at the year end, and the company will continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Page 9
(A company limited by guarantee)
FAROS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
2. Accounting policies (continued)
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities 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 estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 10
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
3. Income from charitable activities
| Income from charitable activities Income from charitable activities |
Unrestricted funds 2025 £ 316,626 Unrestricted funds 2024 £ 248,595 |
Total funds 2025 £ 316,626 |
|---|---|---|
| Total funds 2024 £ 248,595 |
4. Investment income
| Unrestricted funds 2025 £ Bank Interest 332 Unrestricted funds 2024 £ Bank Interest 403 |
Total funds 2025 £ 332 |
|---|---|
| Total funds 2024 £ 403 |
Page 11
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. Analysis of expenditure on charitable activities
Summary by fund type
| Education and training Education and training |
Unrestricted funds 2025 £ 291,051 Unrestricted funds 2024 £ 243,453 |
Total 2025 £ 291,051 |
|---|---|---|
| Total 2024 £ 243,453 |
6. Analysis of expenditure by activities
| Education and training Education and training |
Activities undertaken directly 2025 £ 252,740 Activities undertaken directly 2024 £ 209,626 |
Support costs 2025 £ 38,311 Support costs 2024 £ 33,827 |
Total funds 2025 £ 291,051 |
|---|---|---|---|
| Total funds 2024 £ 243,453 |
Page 12
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Contract labour Contract labour Analysis of support costs Accountancy Travel and subsistence Rent Subscriptions Legal & professional |
Education and training 2025 £ 252,740 Education and training 2024 £ 209,626 Education and training 2025 £ 2,080 26,978 5,276 42 3,935 38,311 |
Total funds 2025 £ 252,740 |
|---|---|---|
| Total funds 2024 £ 209,626 |
||
| Total funds 2025 £ 2,080 26,978 5,276 42 3,935 |
||
| 38,311 |
Page 13
(A company limited by guarantee)
FAROS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
6. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Analysis of support costs (continued) | ||
|---|---|---|
| Accountancy Consultancy Travel and subsistence Rent General expenses Bank charges Equipment hire Catering cost |
Education and training 2024 £ 2,911 2,000 24,554 758 1,054 89 150 2,311 33,827 |
Total funds 2024 £ 2,911 2,000 24,554 758 1,054 89 150 2,311 |
| 33,827 |
Page 14
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the company's independent examiner for the independent | ||
| examination of the company's annual accounts | 830 | 800 |
| Fees payable to the company's independent examiner in respect of: | ||
| All other services not included above | 1,670 | 2,111 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 28 February 2025, no Trustee expenses have been incurred (2024 - £NIL) .
9. Debtors
| Due within one year Trade debtors Other debtors |
28 February 2025 £ 53,990 34,285 88,275 |
29 February 2024 £ 18,910 13,164 |
|---|---|---|
| 32,074 |
10. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
28 February 2025 £ 52,528 10,136 2,080 64,744 |
29 February 2024 £ 18,145 23,161 2,000 |
|---|---|---|
| 43,306 |
Page 15
FAROS FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
11. Summary of funds
Summary of funds - current year
| Summary of funds - current year | ||||
|---|---|---|---|---|
| General funds Summary of funds - prior year General funds |
Balance at 1 March 2024 £ 2,503 Balance at 1 March 2023 £ (3,042) |
Income £ 316,958 Income £ 248,998 |
Expenditure £ (291,051) Expenditure £ (243,453) |
Balance at 28 February 2025 £ 28,410 |
| Balance at 29 February 2024 £ 2,503 |
Page 16
(A company limited by guarantee)
FAROS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 28 February 2025 £ Current assets 93,154 Creditors due within one year (64,744) Total 28,410 |
Total funds 28 February 2025 £ 93,154 (64,744) 28,410 |
|---|---|
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 29 February 2024 £ 45,809 (43,306) 2,503 |
Total funds 29 February 2024 £ 45,809 (43,306) 2,503 |
|---|---|---|
13. Related party transactions
Included within other creditors is £10,136 (2024 - £23,161) owed from the charity to Ridgeway Information Ltd in respect of transactions throughout the year.
Included within consultancy expenses is £151,117 (2024 - £149,151) for purchases made by FAROS Foundation from Ridgeway Information Ltd.
Page 17
SIGNATURE CERTIFICATE
REFERENCE NUMBER 72759827-3492-42A8-BC5A-7FDE5B4116F3
TRANSACTION DETAILS
Reference Number 72759827-3492-42A8-BC5A-7FDE5B4116F3 Transaction Type Signature Request Sent At 30/07/2025 10:08 AM EDT Executed At 31/07/2025 09:28 AM EDT Identity Method email Distribution Method email Signed Checksum 19982c2a00e149e16de08270e4761da2b4e5494c6520346edc09032c43204af8
DOCUMENT DETAILS
Document Name Faros Foundation 2025 - Final Accounts preparation Filename
Faros_Foundation_2025_-_Final_Accounts_preparation.pdf Pages 19 pages Content Type application/pdf File Size 268 KB Original Checksum
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SIGNERS
SIGNER E-SIGNATURE EVENTS Name Status Viewed At Gillian Manthorpe signed 31/07/2025 09:27 AM EDT Email Multi-factor Digital Fingerprint Checksum Identity Authenticated At jill.manthorpe@kcl.ac.uk 4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945 31/07/2025 09:28 AM EDT Components IP Address Signed At 4 31/07/2025 09:28 AM EDT 77.86.94.156 Device Chrome via Windows Typed Signature
Signature Reference ID 29B14A99 Typed Signature
Signature Reference ID 09AB2A6B
AUDITS
TIMESTAMP
30/07/2025 10:08 AM EDT
30/07/2025 10:08 AM EDT 31/07/2025 09:27 AM EDT 31/07/2025 09:28 AM EDT 31/07/2025 09:28 AM EDT
AUDIT
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