**REGISTERED CHARITY NUMBER: 1030939**
**Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 March 2022**
**for**
**The Tesler Foundation**
Martin+Heller 5 North End Road London NW11 7RJ
**The Tesler Foundation**
## **Contents of the Financial Statements for the Year Ended 31 March 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|11|
**The Tesler Foundation**
## **Report of the Trustees for the Year Ended 31 March 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 March 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Charity is governed by a Deed of Trust dated 21st February The objects of the Trust are to advance education in and the religion of Orthodox Jewish Faith and for such other purposes as are recognised as To achieve the objects, the Trust makes charitable donations to Jewish organisations and charities.
## **Significant activities**
There were no significant activities to be reported.
## **Public benefit**
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
## **Grantmaking**
The Tesler Foundation has within its Deed of Trust the ability to make donations.
## **Volunteers**
During the year,the charity did not have any volunteers to help with objective of the charity.
## **FINANCIAL REVIEW**
## **Financial position**
The trustees consider that the performance of the charity this year has been satisfactory . Funds from donors and from investment income have been granted to institutions.
## **Principal funding sources**
The principal funding of The Tesler Foundation is from rentals from property investments.
## **Investment policy and objectives**
Under the deed of trust, the charity has the power to make any investment which the trustees see fit.The trustees have considered the most appropiate policy for investing funds and have found that investments in property meets their requirements to generate both income and capital growth.
## **Reserves policy**
The charity has a reserve policy in order that adequate funds are available for any repairs to properties which may occur in the future. All other available funds are distributed.
## **Going concern**
The Trustees do not consider that there are any major risks to which the charity is exposed.
## **FUTURE PLANS**
There are no significant future developments to report.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust dated 21st February 1992, and constitutes an unincorporated charity.
## **Charity constitution**
To achieve the objects the Trust makes charitable donations to Jewish organisations and other charities.
Page 1
**The Tesler Foundation**
## **Report of the Trustees for the Year Ended 31 March 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees**
The trust has appointed trustees who have experience in field of Business administration, Accounting, and Property management.
## **Organisational structure**
The statutory power of appointing new Trustees is vested in the continuing Trustees.
## **Decision making**
Decisions regarding the running of the trust are agreed between the trustees.
## **Induction and training of new trustees**
All new trustees are given, in the view of the board,sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and trust law.
## **Key management remuneration**
A payment was made to one of the trustees I Gabay of £1,300 for management services, no other management payments have been paid.
## **Wider network**
At present ,The Tesler Foundation does not consider itself part of a wider network.
## **Related parties**
Full details of the Related Party Transactions during the year ended 31st March 2021 can be found in the notes in the Financial Statements.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1030939
## **Principal address**
32 Green Walk London NW4 2AJ
## **Trustees**
Mr M W Tesler I Gabay B C Joseph
## **Independent Examiner**
Frank Martin (FCA) Martin+Heller 5 North End Road London NW11 7RJ
Page 2
**The Tesler Foundation**
## **Report of the Trustees for the Year Ended 31 March 2022**
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Trustee
Page 3
**Independent Examiner's Report to the Trustees of The Tesler Foundation**
## **Independent examiner's report to the trustees of The Tesler Foundation**
I report to the charity trustees on my examination of the accounts of The Tesler Foundation (the Trust) for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Frank Martin (FCA) Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 4
**The Tesler Foundation**
## **Statement of Financial Activities for the Year Ended 31 March 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Property Expenses
Donations
Other
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
5,000
42,540
47,540
11,323
26,445
2,300
40,068
-
7,472
394,411
401,883|Endowment
fund
£
-
-
-
-
-
-
-
-
-
752,820
752,820|31.3.22
Total
funds
£
5,000
42,540
47,540
11,323
26,445
2,300
40,068
-
7,472
1,147,231
1,154,703|31.3.21
Total
funds
£
8,000
42,635|
|---|---|---|---|---|
|||||50,635|
|||||9,129
20,839
2,300|
|||||32,268|
|||||175,000|
|||||193,367
953,864|
|||||1,147,231|
The notes form part of these financial statements
Page 5
**The Tesler Foundation**
## **Balance Sheet 31 March 2022**
|Notes
**FIXED ASSETS**
Investment property
6
**CURRENT ASSETS**
Prepayments and accrued income
Cash at bank
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
356,000
3,164
45,655
48,819
(2,936)
45,883
401,883
401,883|Endowment
fund
£
720,000
-
32,820
32,820
-
32,820
752,820
752,820|31.3.22
Total
funds
£
1,076,000
3,164
78,475
81,639
(2,936)
78,703
1,154,703
1,154,703
401,883
752,820
1,154,703|31.3.21
Total
funds
£
1,076,000
3,164
70,903
74,067
(2,836)
71,231
1,147,231
1,147,231
394,411
752,820
1,147,231|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 6
**The Tesler Foundation**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
## **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.
## **Related party exemption**
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
## **Taxation**
The charity is exempt from 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.
.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||31.3.22|31.3.21|
||£|£|
|Rents received|42,540|42,635|
continued...
Page 7
**The Tesler Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
Management payment £1,300 was paid to I Gabay.No other other trustees remuneration or other benefits paid.
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
Endowment
Total
fund
fund
funds
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
8,000
-
8,000
Investment income
42,635
-
42,635
**Total**
50,635
-
50,635
**EXPENDITURE ON**
**Charitable activities**
Property Expenses
9,129
-
9,129
Donations
20,839
-
20,839
Other
2,300
-
2,300
**Total**
32,268
-
32,268
Net gains on investments
175,000
-
175,000
**NET INCOME**
193,367
-
193,367
**RECONCILIATION OF FUNDS**
Total funds brought forward
201,044
752,820
953,864
**TOTAL FUNDS CARRIED FORWARD**
394,411
752,820
1,147,231
**5.**
**TANGIBLE FIXED ASSETS**
Fixtures
and
fittings
£
**COST**
At 1 April 2021 and 31 March 2022
647
**DEPRECIATION**
At 1 April 2021 and 31 March 2022
647
**NET BOOK VALUE**
At 31 March 2022
-
At 31 March 2021
-|Unrestricted
Endowment
Total
fund
fund
funds
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
8,000
-
8,000
Investment income
42,635
-
42,635
**Total**
50,635
-
50,635
**EXPENDITURE ON**
**Charitable activities**
Property Expenses
9,129
-
9,129
Donations
20,839
-
20,839
Other
2,300
-
2,300
**Total**
32,268
-
32,268
Net gains on investments
175,000
-
175,000
**NET INCOME**
193,367
-
193,367
**RECONCILIATION OF FUNDS**
Total funds brought forward
201,044
752,820
953,864
**TOTAL FUNDS CARRIED FORWARD**
394,411
752,820
1,147,231
**5.**
**TANGIBLE FIXED ASSETS**
Fixtures
and
fittings
£
**COST**
At 1 April 2021 and 31 March 2022
647
**DEPRECIATION**
At 1 April 2021 and 31 March 2022
647
**NET BOOK VALUE**
At 31 March 2022
-
At 31 March 2021
-|Unrestricted
Endowment
Total
fund
fund
funds
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
8,000
-
8,000
Investment income
42,635
-
42,635
**Total**
50,635
-
50,635
**EXPENDITURE ON**
**Charitable activities**
Property Expenses
9,129
-
9,129
Donations
20,839
-
20,839
Other
2,300
-
2,300
**Total**
32,268
-
32,268
Net gains on investments
175,000
-
175,000
**NET INCOME**
193,367
-
193,367
**RECONCILIATION OF FUNDS**
Total funds brought forward
201,044
752,820
953,864
**TOTAL FUNDS CARRIED FORWARD**
394,411
752,820
1,147,231
**5.**
**TANGIBLE FIXED ASSETS**
Fixtures
and
fittings
£
**COST**
At 1 April 2021 and 31 March 2022
647
**DEPRECIATION**
At 1 April 2021 and 31 March 2022
647
**NET BOOK VALUE**
At 31 March 2022
-
At 31 March 2021
-|Total
funds
£
8,000
42,635|
|---|---|---|---|
||||50,635|
||||9,129
20,839
2,300|
||||32,268|
||||175,000|
||||193,367
953,864|
||||Fixtures
and
fittings
£
647
647
-
-|
continued...
Page 8
**The Tesler Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **6. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 April 2021
and 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021
Fair value at 31 March 2022 is represented by:
Valuation in 2018
Valuation in 2020
Valuation in 2021
Cost
**7.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
**8.**
**MOVEMENT IN FUNDS**
At 1/4/21
£
**Unrestricted funds**
General fund
394,411
**Endowment funds**
Permanent Endowment
752,820
**TOTAL FUNDS**
1,147,231
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
47,540
**TOTAL FUNDS**
47,540|**FAIR VALUE**
At 1 April 2021
and 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021
Fair value at 31 March 2022 is represented by:
Valuation in 2018
Valuation in 2020
Valuation in 2021
Cost
**7.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
**8.**
**MOVEMENT IN FUNDS**
At 1/4/21
£
**Unrestricted funds**
General fund
394,411
**Endowment funds**
Permanent Endowment
752,820
**TOTAL FUNDS**
1,147,231
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
47,540
**TOTAL FUNDS**
47,540|31.3.22
£
1
2,935
2,936
Net
movement
in funds
£
7,472
-|£
1,076,000
1,076,000
1,076,000
£
30,000
150,000
175,000
721,000
1,076,000
31.3.21
£
1
2,835
2,836
At
31/3/22
£
401,883
752,820
1,154,703
Movement
in funds
£
7,472
7,472|
|---|---|---|---|
||1,147,231
Incoming
resources
£
47,540
47,540|7,472
Resources
expended
£
(40,068)
(40,068)||
continued...
Page 9
**The Tesler Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **8. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Endowment funds**
Permanent Endowment
**TOTAL FUNDS**|At 1/4/20
£
201,044
752,820
953,864|Net
movement
At
in funds
31/3/21
£
£
193,367
394,411
-
752,820
193,367
1,147,231|At
31/3/21
£
394,411
752,820|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
50,635
50,635|Resources
expended
£
(32,268)
(32,268)|Gains and
Movement
losses
in funds
£
£
175,000
193,367
175,000
193,367|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Permanent Endowment
**TOTAL FUNDS**|At 1/4/20
£
201,044
752,820
953,864|Net
movement
in funds
£
200,839
-
200,839|At
31/3/22
£
401,883
752,820|
|---|---|---|---|
||||1,154,703|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|98,175|(72,336)|175,000|200,839|
|**TOTAL FUNDS**|98,175|(72,336)|175,000|200,839|
continued...
Page 10
**The Tesler Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **9. RELATED PARTY DISCLOSURES**
The charity received donations from a trustee M Tesler and from a company controlled by him totalling £5,000 (2021-£8,000),
Managerial payment of £1,300 was made I Gabay for managerial services.
Page 11