REGISTERED COMPANY NUMBER: 01369394 (England and Wales) REGISTERED CHARITY NUMBER: 278390
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2021
for
Teslake Limited
Martin+Heller 5 North End Road London NW11 7RJ
Teslake Limited
Contents of the Financial Statements for the Year Ended 31 May 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | to | 5 |
| Notes to the Financial Statements | 6 | to | 11 |
Teslake Limited
Report of the Trustees for the Year Ended 31 May 2021
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 May 2021. 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.
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 Company number
01369394 (England and Wales)
Registered Charity number 278390
Registered office 5 North End Road London NW11 TRJ
Trustees
A Guttentag D Guttentag Mrs M Segal P Kraus
Company Secretary Mrs B Guttentag
Independent Examiner
F Martin FCA Martin+Heller 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ A Guttentag - Trustee
Page 1
Independent Examiner's Report to the Trustees of Teslake Limited
Independent examiner's report to the trustees of Teslake Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2021.
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
-
the accounts do not accord with those records; or
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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
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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.
F Martin FCA Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 2
Teslake Limited
Statement of Financial Activities for the Year Ended 31 May 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Charitable Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.5.21 Unrestricted fund £ - 182,630 182,630 107,567 8,377 115,944 88,333 155,019 2,365,023 2,520,042 |
31.5.20 Total funds £ 7,500 161,766 |
|---|---|---|
| 169,266 141,126 9,509 |
||
| 150,635 - |
||
| 18,631 2,346,392 |
||
| 2,365,023 |
The notes form part of these financial statements
Page 3
Teslake Limited
Balance Sheet 31 May 2021
| Notes FIXED ASSETS Tangible assets 6 Investment property 7 CURRENT ASSETS Debtors 8 Investments 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
31.5.21 Unrestricted fund £ 536 1,680,000 1,680,536 719,822 - 153,094 872,916 (33,410) 839,506 2,520,042 2,520,042 2,520,042 2,520,042 |
31.5.20 Total funds £ - 1,591,667 1,591,667 51,460 200,000 554,623 806,083 (32,727) 773,356 2,365,023 2,365,023 2,365,023 2,365,023 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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.
The notes form part of these financial statements
continued...
Page 4
Teslake Limited
Balance Sheet - continued 31 May 2021
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 ............................................. and were signed on its behalf by:
............................................. A Guttentag - Trustee
The notes form part of these financial statements
Page 5
Teslake Limited
Notes to the Financial Statements for the Year Ended 31 May 2021
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, 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.
Tangible fixed assets
Tangible fixed assets, comprised of investment property, is stated at the trustees estimate of fair value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
continued...
Page 6
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
2. INVESTMENT INCOME
| Rents received Insurance commission received Deposit account interest Other interest receivable NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
31.5.21 £ 156,575 1,335 405 24,315 182,630 31.5.21 £ 268 |
31.5.20 £ 158,819 1,273 1,674 - 161,766 31.5.20 £ - |
|---|---|---|
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund £ 7,500 161,766 169,266 141,126 9,509 150,635 18,631 2,346,392 |
|---|---|
continued...
Page 7
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS COST Additions DEPRECIATION Charge for year NET BOOK VALUE At 31 May 2021 At 31 May 2020 7. INVESTMENT PROPERTY FAIR VALUE At 1 June 2020 Revaluation At 31 May 2021 NET BOOK VALUE At 31 May 2021 At 31 May 2020 Fair value at 31 May 2021 is represented by: Valuation in 2017 Valuation in 2021 Cost |
Unrestricted fund £ 2,365,023 Computer equipment £ 804 268 536 - £ 1,591,667 88,333 1,680,000 1,680,000 1,591,667 £ 647,740 88,333 943,927 1,680,000 |
|
|---|---|---|
continued...
Page 8
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by participating interests Other debtors Loan debtors 9. CURRENT ASSET INVESTMENTS Other 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors VAT Other creditors Rent in advance Accrued expenses 11. MOVEMENT IN FUNDS At 1/6/20 £ Unrestricted funds General fund 2,365,023 TOTAL FUNDS 2,365,023 |
31.5.21 £ 63,841 5,306 675 650,000 719,822 |
||||
|---|---|---|---|---|---|
| 31.5.21 £ - 31.5.21 £ 1 1,981 541 12,763 18,124 33,410 Net movement in funds £ 155,019 155,019 |
|||||
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 182,630 182,630 |
Resources expended £ (115,944) (115,944) |
Gains and Movement losses in funds £ £ 88,333 155,019 88,333 155,019 |
|---|---|---|---|
continued...
Page 9
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/6/19 £ 2,346,392 2,346,392 |
Net movement in funds £ 18,631 18,631 |
At 31/5/20 £ 2,365,023 |
|---|---|---|---|
| 2,365,023 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 169,266 169,266 |
Resources Movement expended in funds £ £ (150,635) 18,631 (150,635) 18,631 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/6/19 £ 2,346,392 2,346,392 |
Net movement in funds £ 173,650 173,650 |
At 31/5/21 £ 2,520,042 |
|---|---|---|---|
| 2,520,042 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 351,896 351,896 |
Resources expended £ (266,579) (266,579) |
Gains and Movement losses in funds £ £ 88,333 173,650 88,333 173,650 |
|---|---|---|---|
continued...
Page 10
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2021
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
Page 11