## **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:
1. 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
3. 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
4. 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:
1. 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
3. 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
4. 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