Trustees’ Annual Report for the period
From 1 January 2022 Period start date To 31 December 2022 Period end date
Charity name: The Telos Foundation
Charity registration number: 1183271
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | The Charity’s objects (“the Objects”) a.To advance education and research for charity leaders to enable charities to sustain their services into the future in subjects relating to leadership b.To make grants and donations to charities chosen by the trustees that are specifically recognised for their ability to design and deliver training programmes to develop the individual capabilities, competencies and understanding of future strategic leaders, to enable charities to sustain their success over the long term; and c.To make grants and donations to charities chosen by the trustees that are specifically recognised for their ability to design, conduct and publish research to add to the collective knowledge of an approach to the leadership of organisations, that creates benefit for stakeholders and society through a focus on purpose, values, relationships and the long term. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
Provided bursaries to individual charity leaders to attend Windsor Leadership programmes. Each Bursary holder provides a reflective statement of their experience and particularly the impact their learning has created in their charity for the public benefit. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | The trustees have close regard to the guidance issued by the Charity Commission on public benefit. |
Additional information (optional) You may choose to include further statements where relevant about:
SORP reference |
||
|---|---|---|
| Policy on grant making | Para 1.38 | Grant-making Policy -September 2022 Purpose The purpose of this policy is to set out the principles, criteria and processes that govern how The Telos Foundation makes grants across all fund types and the Foundation’s domestic priorities. A grant is defined as a financial award made by the Foundation from its funds to support charitable activities by registered charities. Under the terms of the constitution, the Board of Trustees will apply funds to the “Objects of The Telos Foundation” Grant Making Criteria The aim of the grant-making criteria is to provide clear information from the Board of Trustees to those individuals and organisations who apply for grants and to whom grants are made. Clear guidance on criteria for applications from individuals and groups is a part of this policy. The Trustees may review these criteria from time to time and, if necessary, amend or update them. Grant requests which the Board of Trustees will normally support are: § Organisations nominated by the Trustees § Current or potential charity leaders § Support research to enable a charity to be sustainable § Enhance the potential to achieve long- term sustainable outcome. Grants will not normally be made retrospectively. |
| Policy on social investment including program related investment |
Para 1.38 | N/A |
| Contribution made by volunteers |
Para 1.38 | N/A |
| Other |
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | The main achievement has been to sponsor three individuals from quite different charities to attend Windsor Leadership programmes. These individuals would not have been able to attend the ‘Emerging Strategic Leaders’ programme if The Telos Foundation had not provided these bursaries. Name Role Charity WL Programme Heather Ridley Deputy Director of Fundraising Whizz-Kidz Emerging Strategic Leaders 2022 Jennifer Milton Director of Support Services Bletchley Park Trust Emerging Strategic Leaders 2022 Thomas Dyson Senior Marketing and Digital Manager Internet Watch Foundation (IWF) Emerging Strategic Leaders 2022 As a result of these individuals attending the programme, they have been able to return to their charities as better, well equipped leaders. We are able, through regular communication with our bursary holders, to observe the growth and impact of their charities on society. |
Additional information (optional) You may choose to include further statements where relevant about:
Achievements against objectives set |
Para 1.41 |
Our objective is to utilise all our funds to provide 3-5 bursaries per year. This was achieved in 2022. |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | N/A |
| Investment performance | Para 1.41 | N/A |
against objectives Other
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | Contained in the report of the Annual Accounts 2022 |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | |
| Amount of reserves held | Para 1.22 | |
| Reasons for holding zero reserves |
Para 1.22 | |
| Details of fund materially in deficit |
Para 1.24 | |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 |
Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including any fundraising) |
Para 1.47 |
The Telos Foundation receives its funds from Telos Partners International Limited. Telos Partners International Limited invoices quarterly Telos Partners LLP. This, in return for their use of the intellectual property (IP), held by The Telos Foundation. |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | N/A |
| A description of the principal risks facing the charity |
Para 1.46 | N/A |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | A deed of trust |
| How is the charity constituted? (e.g. unincorporated association, CIO) |
Para 1.25 | Limited Company, limited by guarantee |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | N/A |
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
N/A |
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | N/A |
| Relationship with any related parties |
Para 1.51 | N/A |
| Other |
Reference and Administrative details
| Charity name | The Telos Foundation |
|---|---|
| Other name the charity uses | N/A |
| Registered charity number | 1183271 |
| Charity’s principal address | Admiral House St Leonard’s Road, Windsor Berkshire SL4 3BL |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Alan Davies | Chair | |||
| Peter Ward | ||||
| Coralie Hooper | ||||
| Iain Cameron | ||||
| Sarah Wright | ||||
– Corporate trustees names of the directors at the date the report was approved
Director name
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets N/A held in this capacity
Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Jennifer Liska Full name(s) Alan Davies Position (e.g., Chair Company Secretary Secretary, Chair, etc) Date 14/09/2023
REGISTERED COMPANY NUMBER: 06625059 (England and Wales) REGISTERED CHARITY NUMBER: 1183271
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
The Telos Foundation
Campbell Accountancy Limited Chartered Certified Accountants Old Chapel The Green Lower Boddington Northamptonshire NN11 6YE
The Telos Foundation
Contents of the Financial Statements for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
The Telos Foundation
Report of the Trustees for the year ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06625059 (England and Wales)
Registered Charity number 1183271
Registered office
Admiral House St Leonards Road Windsor Berkshire SL4 3BL
Trustees
Professor I T Cameron A B C Davies P C Ward Dr S L Wright Mrs C Hooper
Company Secretary
Mrs J Liska
Independent Examiner
Campbell Accountancy Limited Chartered Certified Accountants Old Chapel The Green Lower Boddington Northamptonshire NN11 6YE
Approved by order of the board of trustees on 8 August 2023 and signed on its behalf by:
A B C Davies - Trustee
Page 1
Independent Examiner's Report to the Trustees of The Telos Foundation
Independent examiner's report to the trustees of The Telos Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 your charity's accounts as 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
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 2. 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.
Andrew Campbell FCCA
Campbell Accountancy Limited Chartered Certified Accountants Old Chapel The Green Lower Boddington Northamptonshire NN11 6YE
10th August 2023 Date: .............................................
Page 2
The Telos Foundation
Statement of Financial Activities for the year ended 31 December 2022
| 2022 Unrestricted Restricted Total fund fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 38,171 32,150 70,321 EXPENDITURE ON Charitable activities Grants made 45,420 35,487 80,907 Other 325 - 325 Total 45,745 35,487 81,232 NET INCOME/(EXPENDITURE) (7,574) (3,337) (10,911) RECONCILIATION OF FUNDS Total funds brought forward 17,422 12,853 30,275 TOTAL FUNDS CARRIED FORWARD 9,848 9,516 19,364 |
2021 Total funds £ 32,339 |
|---|---|
| 25,005 208 |
|
| 25,213 | |
| 7,126 23,149 |
|
| 30,275 |
The notes form part of these financial statements
Page 3
The Telos Foundation
Balance Sheet 31 December 2022
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Investments 4 3 - CURRENT ASSETS Debtors 5 - - Cash at bank 9,848 9,516 9,848 9,516 CREDITORS Amounts falling due within one year 6 (3) - NET CURRENT ASSETS 9,845 9,516 TOTAL ASSETS LESS CURRENT LIABILITIES 9,848 9,516 NET ASSETS 9,848 9,516 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 Total funds £ 3 - 19,364 19,364 (3) 19,361 19,364 19,364 9,848 9,516 19,364 |
2021 Total funds £ 3 14,380 15,895 |
|---|---|---|
| 30,275 (3) |
||
| 30,272 | ||
| 30,275 | ||
| 30,275 | ||
| 17,422 12,853 |
||
| 30,275 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 8 August 2023 and were signed on its behalf by:
A B C Davies - Trustee
The notes form part of these financial statements
Page 4
The Telos Foundation
Notes to the Financial Statements for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 19,484 12,855 EXPENDITURE ON Charitable activities Grants made 25,005 - Other 206 2 Total 25,211 2 NET INCOME/(EXPENDITURE) (5,727) 12,853 |
Total funds £ 32,339 |
|---|---|
| 25,005 208 |
|
| 25,213 | |
| 7,126 |
Page 5
continued...
The Telos Foundation
Notes to the Financial Statements - continued for the year ended 31 December 2022
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|
| fund | fund | funds | |||
| £ | £ | £ | |||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 23,149 | - | 23,149 | ||
| TOTAL FUNDS CARRIED FORWARD | 17,422 | 12,853 | 30,275 | ||
| 4. | FIXED ASSET INVESTMENTS | ||||
| Shares in | |||||
| group | |||||
| undertakings | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 January 2022 and 31 December 2022 | 3 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2022 | 3 | ||||
| At 31 December 2021 | 3 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Telos Partners International Limited
Registered office: Admiral House, St Leonards Road, Windsor, Berkshire, SL4 3BL Nature of business: Licencing of Intellectual Property
| % | |||
|---|---|---|---|
| Class of share: | holding | ||
| Ordinary £1 | 100 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Aggregate capital and reserves | 35,525 | 56,993 | |
| Loss for the year | (19,468) | - |
Tomorrow's Company (Enterprises) Limited
Registered office: Admiral House (c/o The Telos Foundation),St Leonard's Road, Windsor, SL4 3BL Nature of business: Public relations and communications
| % | ||||
|---|---|---|---|---|
| Class of share: | holding | |||
| Ordinary £1 | 100 | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Aggregate capital and reserves | (660) | 1 | ||
| Loss for the year | (661) | - |
Page 6
continued...
The Telos Foundation
Notes to the Financial Statements - continued for the year ended 31 December 2022
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Prepayments and accrued income | - | 14,380 | |||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Amounts owed to group undertakings | 3 | 3 | |||
| 7. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1/1/22 | in funds | 31/12/22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 17,422 | (7,574) | 9,848 | ||
| Restricted funds | |||||
| Tomorrow's Company | 12,853 | (3,337) | 9,516 | ||
| TOTAL FUNDS | 30,275 | (10,911) | 19,364 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 38,171 | (45,745) | (7,574) | ||
| Restricted funds | |||||
| Tomorrow's Company | 32,150 | (35,487) | (3,337) | ||
| TOTAL FUNDS | 70,321 | (81,232) | (10,911) | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1/1/21 | in funds | 31/12/21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 23,149 | (5,727) | 17,422 | ||
| Restricted funds | |||||
| Tomorrow's Company | - | 12,853 | 12,853 | ||
| TOTAL FUNDS | 23,149 | 7,126 | 30,275 |
Page 7
continued...
The Telos Foundation
Notes to the Financial Statements - continued for the year ended 31 December 2022
7. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 19,484 | (25,211) | (5,727) |
| Restricted funds | |||
| Tomorrow's Company | 12,855 | (2) | 12,853 |
| TOTAL FUNDS | 32,339 | (25,213) | 7,126 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1/1/21 | in funds | 31/12/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 23,149 | (13,301) | 9,848 | |
| Restricted funds | ||||
| Tomorrow's Company | - | 9,516 | 9,516 | |
| TOTAL FUNDS | 23,149 | (3,785) | 19,364 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 57,655 | (70,956) | (13,301) |
| Restricted funds | |||
| Tomorrow's Company | 45,005 | (35,489) | 9,516 |
| TOTAL FUNDS | 102,660 | (106,445) | (3,785) |
8. RELATED PARTY DISCLOSURES
During the year The Telos Foundation received donations of £38,171 (2021: £19,484) from its wholly owned subsidiary company, Telos Partners International Limited.
During the year The Telos Foundation received donations of £nil (2021: £2,955) from its wholly owned subsidiary company, Tomorrow's Company (Enterprises) Limited. In addition The Telos Foundation made contributions of £14,736 to Tomorrow's Company (Enterprises) Limited to assist in the funding of research & development work.
Page 8
The Telos Foundation
Detailed Statement of Financial Activities for the year ended 31 December 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | |||||
| Donations and legacies | |||||
| Donations | 38,171 | 32,150 | 70,321 | 32,339 | |
| Total incoming resources | 38,171 | 32,150 | 70,321 | 32,339 | |
| EXPENDITURE | |||||
| Charitable activities | |||||
| Room rental & meeting costs | 889 | - | 889 | - | |
| Sundries | 161 | - | 161 | - | |
| Grants to institutions | 44,370 | 35,486 | 79,856 | 25,005 | |
| 45,420 | 35,486 | 80,906 | 25,005 | ||
| Support costs | |||||
| Management | |||||
| Sundries | - | - | - | 100 | |
| Finance | |||||
| Bank charges | 6 | 1 | 7 | 6 | |
| Governance costs | |||||
| Postage and stationery | 288 | - | 288 | 77 | |
| Sundries | 13 | - | 13 | 13 | |
| Accountancy and legal fees | 18 | - | 18 | 12 | |
| 319 | - | 319 | 102 | ||
| Total resources expended | 45,745 | 35,487 | 81,232 | 25,213 | |
| Net income | (7,574) | (3,337) | (10,911) | 7,126 |
This page does not form part of the statutory financial statements
Page 9
REGISTERED COMPANY NUMBER: 06625059 (England and Wales) REGISTERED CHARITY NUMBER: 1183271
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
The Telos Foundation
Campbell Accountancy Limited Chartered Certified Accountants Old Chapel The Green Lower Boddington Northamptonshire NN11 6YE
The Telos Foundation
Contents of the Financial Statements for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
The Telos Foundation
Report of the Trustees for the year ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06625059 (England and Wales)
Registered Charity number 1183271
Registered office
Admiral House St Leonards Road Windsor Berkshire SL4 3BL
Trustees
Professor I T Cameron A B C Davies P C Ward Dr S L Wright Mrs C Hooper
Company Secretary
Mrs J Liska
Independent Examiner
Campbell Accountancy Limited Chartered Certified Accountants Old Chapel The Green Lower Boddington Northamptonshire NN11 6YE
Approved by order of the board of trustees on 8 August 2023 and signed on its behalf by:
A B C Davies - Trustee
Page 1
Independent Examiner's Report to the Trustees of The Telos Foundation
Independent examiner's report to the trustees of The Telos Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 your charity's accounts as 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
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 2. 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.
Andrew Campbell FCCA
Campbell Accountancy Limited Chartered Certified Accountants Old Chapel The Green Lower Boddington Northamptonshire NN11 6YE
10th August 2023 Date: .............................................
Page 2
The Telos Foundation
Statement of Financial Activities for the year ended 31 December 2022
| 2022 Unrestricted Restricted Total fund fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 38,171 32,150 70,321 EXPENDITURE ON Charitable activities Grants made 45,420 35,487 80,907 Other 325 - 325 Total 45,745 35,487 81,232 NET INCOME/(EXPENDITURE) (7,574) (3,337) (10,911) RECONCILIATION OF FUNDS Total funds brought forward 17,422 12,853 30,275 TOTAL FUNDS CARRIED FORWARD 9,848 9,516 19,364 |
2021 Total funds £ 32,339 |
|---|---|
| 25,005 208 |
|
| 25,213 | |
| 7,126 23,149 |
|
| 30,275 |
The notes form part of these financial statements
Page 3
The Telos Foundation
Balance Sheet 31 December 2022
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Investments 4 3 - CURRENT ASSETS Debtors 5 - - Cash at bank 9,848 9,516 9,848 9,516 CREDITORS Amounts falling due within one year 6 (3) - NET CURRENT ASSETS 9,845 9,516 TOTAL ASSETS LESS CURRENT LIABILITIES 9,848 9,516 NET ASSETS 9,848 9,516 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 Total funds £ 3 - 19,364 19,364 (3) 19,361 19,364 19,364 9,848 9,516 19,364 |
2021 Total funds £ 3 14,380 15,895 |
|---|---|---|
| 30,275 (3) |
||
| 30,272 | ||
| 30,275 | ||
| 30,275 | ||
| 17,422 12,853 |
||
| 30,275 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 8 August 2023 and were signed on its behalf by:
A B C Davies - Trustee
The notes form part of these financial statements
Page 4
The Telos Foundation
Notes to the Financial Statements for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 19,484 12,855 EXPENDITURE ON Charitable activities Grants made 25,005 - Other 206 2 Total 25,211 2 NET INCOME/(EXPENDITURE) (5,727) 12,853 |
Total funds £ 32,339 |
|---|---|
| 25,005 208 |
|
| 25,213 | |
| 7,126 |
Page 5
continued...
The Telos Foundation
Notes to the Financial Statements - continued for the year ended 31 December 2022
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|
| fund | fund | funds | |||
| £ | £ | £ | |||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 23,149 | - | 23,149 | ||
| TOTAL FUNDS CARRIED FORWARD | 17,422 | 12,853 | 30,275 | ||
| 4. | FIXED ASSET INVESTMENTS | ||||
| Shares in | |||||
| group | |||||
| undertakings | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 January 2022 and 31 December 2022 | 3 | ||||
| NET BOOK VALUE | |||||
| At 31 December 2022 | 3 | ||||
| At 31 December 2021 | 3 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Telos Partners International Limited
Registered office: Admiral House, St Leonards Road, Windsor, Berkshire, SL4 3BL Nature of business: Licencing of Intellectual Property
| % | |||
|---|---|---|---|
| Class of share: | holding | ||
| Ordinary £1 | 100 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Aggregate capital and reserves | 35,525 | 56,993 | |
| Loss for the year | (19,468) | - |
Tomorrow's Company (Enterprises) Limited
Registered office: Admiral House (c/o The Telos Foundation),St Leonard's Road, Windsor, SL4 3BL Nature of business: Public relations and communications
| % | ||||
|---|---|---|---|---|
| Class of share: | holding | |||
| Ordinary £1 | 100 | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Aggregate capital and reserves | (660) | 1 | ||
| Loss for the year | (661) | - |
Page 6
continued...
The Telos Foundation
Notes to the Financial Statements - continued for the year ended 31 December 2022
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Prepayments and accrued income | - | 14,380 | |||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Amounts owed to group undertakings | 3 | 3 | |||
| 7. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1/1/22 | in funds | 31/12/22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 17,422 | (7,574) | 9,848 | ||
| Restricted funds | |||||
| Tomorrow's Company | 12,853 | (3,337) | 9,516 | ||
| TOTAL FUNDS | 30,275 | (10,911) | 19,364 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 38,171 | (45,745) | (7,574) | ||
| Restricted funds | |||||
| Tomorrow's Company | 32,150 | (35,487) | (3,337) | ||
| TOTAL FUNDS | 70,321 | (81,232) | (10,911) | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1/1/21 | in funds | 31/12/21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 23,149 | (5,727) | 17,422 | ||
| Restricted funds | |||||
| Tomorrow's Company | - | 12,853 | 12,853 | ||
| TOTAL FUNDS | 23,149 | 7,126 | 30,275 |
Page 7
continued...
The Telos Foundation
Notes to the Financial Statements - continued for the year ended 31 December 2022
7. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 19,484 | (25,211) | (5,727) |
| Restricted funds | |||
| Tomorrow's Company | 12,855 | (2) | 12,853 |
| TOTAL FUNDS | 32,339 | (25,213) | 7,126 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1/1/21 | in funds | 31/12/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 23,149 | (13,301) | 9,848 | |
| Restricted funds | ||||
| Tomorrow's Company | - | 9,516 | 9,516 | |
| TOTAL FUNDS | 23,149 | (3,785) | 19,364 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 57,655 | (70,956) | (13,301) |
| Restricted funds | |||
| Tomorrow's Company | 45,005 | (35,489) | 9,516 |
| TOTAL FUNDS | 102,660 | (106,445) | (3,785) |
8. RELATED PARTY DISCLOSURES
During the year The Telos Foundation received donations of £38,171 (2021: £19,484) from its wholly owned subsidiary company, Telos Partners International Limited.
During the year The Telos Foundation received donations of £nil (2021: £2,955) from its wholly owned subsidiary company, Tomorrow's Company (Enterprises) Limited. In addition The Telos Foundation made contributions of £14,736 to Tomorrow's Company (Enterprises) Limited to assist in the funding of research & development work.
Page 8
The Telos Foundation
Detailed Statement of Financial Activities for the year ended 31 December 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | |||||
| Donations and legacies | |||||
| Donations | 38,171 | 32,150 | 70,321 | 32,339 | |
| Total incoming resources | 38,171 | 32,150 | 70,321 | 32,339 | |
| EXPENDITURE | |||||
| Charitable activities | |||||
| Room rental & meeting costs | 889 | - | 889 | - | |
| Sundries | 161 | - | 161 | - | |
| Grants to institutions | 44,370 | 35,486 | 79,856 | 25,005 | |
| 45,420 | 35,486 | 80,906 | 25,005 | ||
| Support costs | |||||
| Management | |||||
| Sundries | - | - | - | 100 | |
| Finance | |||||
| Bank charges | 6 | 1 | 7 | 6 | |
| Governance costs | |||||
| Postage and stationery | 288 | - | 288 | 77 | |
| Sundries | 13 | - | 13 | 13 | |
| Accountancy and legal fees | 18 | - | 18 | 12 | |
| 319 | - | 319 | 102 | ||
| Total resources expended | 45,745 | 35,487 | 81,232 | 25,213 | |
| Net income | (7,574) | (3,337) | (10,911) | 7,126 |
This page does not form part of the statutory financial statements
Page 9