THE TELOS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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1. Accounting Policies
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| The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the accounts are as follows. |
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1.1 Basis of preparationThese accounts have been prepared under the historical cost convention, as modified by the inclusion of charitable properties and fixed asset investments and investment properties at valuation.
These accounts have been prepared in accordance with “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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
These accounts are presented in pounds sterling and rounded to the nearest pound.
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1.2 Going concernThe Trustees have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
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1.3 Income from donations or grantsIncome from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal o'er is made in writing. If a donation or grant contains terms and conditions outside of the charity’s control which must be met before the charity is entitled to the funds, or if the donor specifies that the funds must be used in future time periods, then the income is deferred.
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1.4 Tax reclaims on donations and giftsGift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
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1.5 ExpenditureExpenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably. It is inclusive of VAT which cannot be recovered.
Direct costs are those costs which directly attribute to its activities. Wages and salaries are allocated to direct costs based on an estimate of time spent on charitable activities by staff members.
Support costs include staff costs and are those which do not produce a direct output. Staff costs relate to specific activities and this is reflected in the allocation of payroll costs based on the percentage of time spent.
All costs, including governance costs, are allocated between the expenditure categories of the charity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are charged directly; others are apportioned on an appropriate basis.
Support costs and overheads have been calculated by allocating staff time to the level of involvement in the various activities of the Charity.
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1.6 Taxation
The organisation is a registered charity and has no liability to income tax or corporation tax on its charitable activities during the year.
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1.7 Fund accountingUnrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
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2. Income from Donations and Legacies
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| Analysis |
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Unrestricted funds |
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Restricted income funds |
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Total funds 2024 |
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Total funds 2023 |
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£ |
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£ |
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£ |
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£ |
| Donation and gifts |
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37,233 |
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33,050 |
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70,283 |
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53,514 |
| Gift Aid |
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- |
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1,513 |
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1,513 |
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5,523 |
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37,233 |
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34,563 |
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71,796 |
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59,037 |
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3. Expenditure on Raising Funds
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| Analysis |
Total funds 2024 |
Total funds 2023 |
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£ |
£ |
| Support Costs |
205 |
172 |
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205 |
172 |
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4. Expenditure on Charitable Activities
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| Analysis |
Total funds 2024 |
Total funds 2023 |
| £ |
£ |
| Bank charges |
9 |
6 |
| Grants paid |
74,207 |
72,718 |
| Charity management & administration |
978 |
1,161 |
| Support Costs |
263 |
190 |
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75,457 |
74,075 |
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| Analysis |
Total funds 2024 |
Total funds 2023 |
| £ |
£ |
| Printing and stationery |
410 |
344 |
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Governance Costs
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| Accountants fees |
58 |
18 |
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468 |
362 |
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| Analysis |
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Unrestricted funds |
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Total funds 2024 |
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Total funds 2023 |
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£ |
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£ |
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£ |
| Other Expenditure |
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112 |
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112 |
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121 |
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112 |
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112 |
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121 |
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Other |
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£ |
| Carrying(fair) value at beginning of period |
3 |
| Add: additions to investments during period* |
- |
| Less: disposals at carrying value |
- |
| Less: impairments |
- |
| Add: Reversal of impairments |
- |
| Add / (deduct): transfer in/ (out) in the period |
- |
| Add / (deduct): netgain / (loss)on revaluation |
- |
| Carrying(fair) value at end of year |
3
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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: Ordinary £1 shares representing 100% of the issued equity share capital
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2024 |
2023 |
| Aggregate capital and reserves |
£7,318 |
£26,582 |
Loss for the year
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£(19,264)
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£(10,943)
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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: Ordinary £1 shares representing 100% of the issued equity share capital
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2024 |
2023 |
| Aggregate capital and reserves |
£(3,447) |
£(1,650) |
Loss for the year
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£(1,798)
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£(989)
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8. Cash at bank and in hand
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Total funds 2024 |
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Total funds 2023 |
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£ |
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£ |
| Cash at bank and in hand |
55 |
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4,033 |
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55 |
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4,033 |
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9. Creditors: Amounts falling due within one year
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Total funds 2024 |
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Total funds 2023 |
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£ |
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£ |
| Other creditors |
3 |
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3 |
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3 |
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3 |
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10. Charity funds
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10.1 Details of material funds held and movements during the CURRENT reporting period
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| Fund names |
Fund balances brought forward |
Income |
Expenditure |
Transfers |
Gains and losses |
Fund balances carried forward |
| £ |
£ |
£ |
£ |
£ |
£ |
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Unrestricted funds
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3,983 |
37,233 |
41,211 |
- |
- |
5 |
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Restricted income funds
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50 |
34,563 |
34,563 |
- |
- |
50 |
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Total
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4,033 |
71,796 |
75,774 |
- |
- |
55 |
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10.2 Details of material funds held and movements during the PREVIOUS reporting period
| Fund names |
Fund balances brought forward |
Income |
Expenditure |
Transfers |
Gains and losses |
Fund balances carried forward |
| £ |
£ |
£ |
£ |
£ |
£ |
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Unrestricted funds
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9,848 |
29,001 |
34,866 |
- |
- |
3,983 |
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Restricted income funds
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9,516 |
30,036 |
39,502 |
- |
- |
50 |
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Total
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19,364 |
59,037 |
74,368 |
- |
- |
4,033 |
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10.3 Transfers between funds
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This Year
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Amount |
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£ |
| Between unrestricted and restricted funds |
- |
| Between endowment and restricted funds |
- |
| Between endowment and unrestricted funds |
- |
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Last Year
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Amount |
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£ |
| Between unrestricted and restricted funds |
- |
| Between endowment and restricted funds |
- |
| Between endowment and unrestricted funds |
- |
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10.4 Designated funds
There were no designated funds at the year end.
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11. Transactions with trustees and related parties
11.1 Trustee remuneration and benefits
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None of the trustees have been paid any remuneration or received any other benefits from an employment in either the current or previous years for fulfilling their duties.
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11.2 Trustees' expenses
None of the trustees have been paid any remuneration or received any expenses for fulfilling their dutiesin either the current or previous years.
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11.3 Transaction(s) with related parties
During the year The Telos Foundation received donations of £37,233 (2023: £29,001) from its wholly owned subsidiary company, Telos Partners International Limited.
During the year The Telos Foundation made contributions of £40,563 (2023: £47,251) to Tomorrow's Company (Enterprises) Limited to assist in the funding of research & development work.
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12. Average Number of Employees
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Average Employees
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This year
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Last year
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Total Employees
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0 |
0 |
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Average number of employees during this year : 0 and Last year : 0
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