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 2022
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 2022
| 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 |
| Detailed Statement of Financial Activities | 12 |
Teslake Limited
Report of the Trustees for the Year Ended 31 May 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 May 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.
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 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
-
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
-
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 2022
| 31.5.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 1 Investment income 2 218,636 Total 218,637 EXPENDITURE ON Charitable activities Charitable 146,390 Other 8,635 Total 155,025 Net gains on investments 61,438 NET INCOME 125,050 RECONCILIATION OF FUNDS Total funds brought forward 2,520,042 TOTAL FUNDS CARRIED FORWARD 2,645,092 |
31.5.21 Total funds £ - 182,630 |
|---|---|
| 182,630 | |
| 107,567 8,377 |
|
| 115,944 | |
| 88,333 | |
| 155,019 2,365,023 |
|
| 2,520,042 |
The notes form part of these financial statements
Page 3
Teslake Limited
Balance Sheet 31 May 2022
| 31.5.22 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 268 Investment property 8 1,680,000 1,680,268 CURRENT ASSETS Debtors 9 595,374 Cash at bank 397,736 993,110 CREDITORS Amounts falling due within one year 10 (31,182) NET CURRENT ASSETS 961,928 TOTAL ASSETS LESS CURRENT LIABILITIES 2,642,196 NET ASSETS 2,642,196 FUNDS 11 Unrestricted funds 2,642,196 TOTAL FUNDS 2,642,196 |
31.5.21 Total funds £ 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 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.
The notes form part of these financial statements
continued...
Page 4
Teslake Limited
Balance Sheet - continued 31 May 2022
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 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, 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.
Page 6
continued...
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
| 2. INVESTMENT INCOME Rents received Insurance commission received Deposit account interest Other interest receivable 3. GRANTS PAYABLE Charitable The total grants paid to institutions during the year was as follows: Other donations less than £15,000 Moreshat Hatorah Ltd Mead Charitable Trust 4. NET INCOME/(EXPENDITURE) |
31.5.22 £ 159,420 1,435 17 57,764 218,636 31.5.22 £ 146,390 31.5.22 £ 86,390 40,000 20,000 146,390 |
31.5.21 £ 156,575 1,335 405 24,315 |
|---|---|---|
| 182,630 | ||
| 31.5.21 £ 107,567 |
||
| 31.5.21 £ 107,567 - - |
||
| 107,567 | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
|---|---|---|
| 31.5.22 | 31.5.21 | |
| £ | £ | |
| Depreciation - owned assets | 268 | 268 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.
continued...
Page 7
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Investment income | 182,630 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable | 107,567 | |
| Other | 8,377 | |
| Total | 115,944 | |
| Net gains on investments | 88,333 | |
| NET INCOME | 155,019 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 2,365,023 | |
| TOTAL FUNDS CARRIED FORWARD | 2,520,042 | |
| 7. | TANGIBLE FIXED ASSETS | |
| Computer | ||
| equipment | ||
| £ | ||
| COST | ||
| At 1 June 2021 and 31 May 2022 | 804 | |
| DEPRECIATION | ||
| At 1 June 2021 | 268 | |
| Charge for year | 268 | |
| At 31 May 2022 | 536 | |
| NET BOOK VALUE | ||
| At 31 May 2022 | 268 | |
| At 31 May 2021 | 536 |
continued...
Page 8
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 June 2021 Disposals Revaluation At 31 May 2022 NET BOOK VALUE At 31 May 2022 At 31 May 2021 Fair value at 31 May 2022 is represented by: Valuation in 2017 Valuation in 2021 Valuation in 2022 Cost |
£ 1,680,000 (8,333 8,333 |
£ 1,680,000 (8,333 8,333 |
|---|---|---|
| 1,680,000 | ||
| 1,680,000 | ||
| 1,680,000 | ||
| £ 647,740 88,333 8,333 935,594 1,680,000 |
£ 647,740 88,333 8,333 935,594 |
If the following historical cost had not been revalued it would have been included at the following historical cost:
| 31.5.22 £ Cost 935,594 Investment property was valued on an open market basis on 31 May 2022 by the director.. 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 £ 943,927 |
|---|---|
| Trade debtors Amounts owed by participating interests Other debtors Loan debtors |
31.5.22 £ 68,341 4,378 675 521,980 595,374 |
31.5.21 £ 63,841 5,306 675 650,000 |
|---|---|---|
| 719,822 |
continued...
Page 9
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors VAT Other creditors Rent in advance Accrued expenses |
31.5.22 £ - 1,054 541 11,463 18,124 31,182 |
31.5.21 £ 1 1,981 541 12,763 18,124 |
|---|---|---|
| 33,410 |
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 218,637 TOTAL FUNDS 218,637 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/6/21 £ 2,520,042 2,520,042 Resources expended £ (157,921) (157,921) At 1/6/20 £ 2,365,023 2,365,023 |
Net movement in funds £ 122,154 122,154 Gains and losses £ 61,438 61,438 Net movement in funds £ 155,019 155,019 |
At 31/5/22 £ 2,642,196 |
|---|---|---|---|
| 2,642,196 | |||
| Movement in funds £ 122,154 122,154 At 31/5/21 £ 2,520,042 |
|||
| 2,520,042 |
continued...
Page 10
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2022
11. MOVEMENT IN FUNDS - continued
Comparative 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 | 182,630 | (115,944) | 88,333 | 155,019 |
| TOTAL FUNDS | 182,630 | (115,944) | 88,333 | 155,019 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/6/20 £ 2,365,023 2,365,023 |
Net movement in funds £ 277,173 277,173 |
At 31/5/22 £ 2,642,196 |
|---|---|---|---|
| 2,642,196 |
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 | 401,267 | (273,865) | 149,771 | 277,173 |
| TOTAL FUNDS | 401,267 | (273,865) | 149,771 | 277,173 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2022.
Page 11