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 2025
for
Teslake Limited
London Accounting Group Ltd
Teslake Limited
Contents of the Financial Statements for the Year Ended 31 May 2025
| 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 | 10 |
Teslake Limited (Registered number: 01369394)
Report of the Trustees for the Year Ended 31 May 2025
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 2025. 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 London Accounting Group Ltd
Approved by order of the board of trustees on 20 January 2026 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 2025.
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
-
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
London Accounting Group Ltd
20 January 2026
Page 2
Teslake Limited
Statement of Financial Activities for the Year Ended 31 May 2025
| 31.5.25 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 164,461 EXPENDITURE ON Charitable activities Charitable 111,900 Other 9,419 Total 121,319 NET INCOME 43,142 RECONCILIATION OF FUNDS Total funds brought forward 2,725,044 TOTAL FUNDS CARRIED FORWARD 2,768,186 |
31.5.24 Total funds £ 211,979 |
|---|---|
| 160,740 10,836 |
|
| 171,576 | |
| 40,403 2,684,641 |
|
| 2,725,044 |
The notes form part of these financial statements
Page 3
Teslake Limited (Registered number: 01369394)
Balance Sheet 31 May 2025
| 31.5.25 Unrestricted fund Notes £ FIXED ASSETS Investment property 7 1,680,000 CURRENT ASSETS Debtors 8 649,321 Cash at bank 471,793 1,121,114 CREDITORS Amounts falling due within one year 9 (32,928) NET CURRENT ASSETS 1,088,186 TOTAL ASSETS LESS CURRENT LIABILITIES 2,768,186 NET ASSETS 2,768,186 FUNDS 10 Unrestricted funds 2,768,186 TOTAL FUNDS 2,768,186 |
31.5.24 Total funds £ 1,680,000 455,817 624,755 1,080,572 (35,528) 1,045,044 2,725,044 2,725,044 2,725,044 2,725,044 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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 20 January 2026 and were signed on its behalf by:
A Guttentag - Trustee
The notes form part of these financial statements
Page 4
Teslake Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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.
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 5
continued...
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
2. INVESTMENT INCOME
| Rents received Insurance commission received Deposit account interest Other interest receivable GRANTS PAYABLE Charitable |
31.5.25 £ 152,285 957 10,886 333 164,461 31.5.25 £ 111,900 |
31.5.24 £ 159,256 1,840 4,656 46,227 211,979 31.5.24 £ 160,740 |
|---|---|---|
| Friends of Mercaz | 30,000 | |
| One Heart | 20,000 | |
| Various donations under £15,000 | 61,900 | |
| Total | 111,900 |
3. GRANTS PAYABLE
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2025 nor for the year ended 31 May 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2025 nor for the year ended 31 May 2024.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 211,979 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable | 160,740 |
| Other | 10,836 |
| Total | 171,576 |
| NET INCOME | 40,403 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 2,684,641 |
Page 6
continued...
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES - continued | ||
|---|---|---|---|---|
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| TOTAL FUNDS CARRIED FORWARD | 2,725,044 | |||
| 6. | TANGIBLE FIXED ASSETS | |||
| Computer | ||||
| equipment | ||||
| £ | ||||
| COST | ||||
| At 1 June 2024 and 31 May 2025 | 804 | |||
| DEPRECIATION | ||||
| At 1 June 2024 and 31 May 2025 | 804 | |||
| NET BOOK VALUE | ||||
| At 31 May 2025 | - | |||
| At 31 May 2024 | - | |||
| 7. | INVESTMENT PROPERTY | |||
| £ | ||||
| FAIR VALUE | ||||
| At 1 June 2024 | ||||
| and 31 May 2025 | 1,680,000 | |||
| NET BOOK VALUE | ||||
| At 31 May 2025 | 1,680,000 | |||
| At 31 May 2024 | 1,680,000 | |||
| Fair value at 31 May 2025 is represented by: | ||||
| £ | ||||
| Valuation in 2017 | 647,740 | |||
| Valuation in 2021 | 88,333 | |||
| Valuation in 2022 | 8,333 | |||
| Cost | 935,594 | |||
| 1,680,000 | ||||
| If the following historical cost had not been revalued it would have been included at the following | historical cost: | |||
| 31.5.25 | 31.5.24 | |||
| £ | £ | |||
| Cost | 935,594 | 935,594 |
Investment property was valued on an open market basis on 31 May 2024 by the director..
continued...
Page 7
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Amounts owed by participating interests Other debtors Loan debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Rent in advance Accrued expenses 10. MOVEMENT IN FUNDS At 1/6/24 £ Unrestricted funds General fund 2,725,044 TOTAL FUNDS 2,725,044 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 164,461 TOTAL FUNDS 164,461 |
31.5.25 £ 50,521 4,621 675 593,504 649,321 31.5.25 £ 541 15,963 16,424 32,928 Net movement in funds £ 43,142 43,142 Resources expended £ (121,319) (121,319) |
31.5.24 £ 50,521 4,621 675 400,000 455,817 31.5.24 £ 541 15,963 19,024 35,528 At 31/5/25 £ 2,768,186 |
31.5.24 £ 50,521 4,621 675 400,000 |
31.5.24 £ 50,521 4,621 675 400,000 |
|---|---|---|---|---|
| 455,817 | ||||
| 31.5.24 £ 541 15,963 19,024 |
||||
| 35,528 | ||||
| 2,768,186 | ||||
| Movement in funds £ 43,142 43,142 |
||||
| 43,142 |
continued...
Page 8
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/6/23 £ Unrestricted funds General fund 2,684,641 TOTAL FUNDS 2,684,641 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 211,979 TOTAL FUNDS 211,979 |
Net movement in funds £ 40,403 40,403 Resources expended £ (171,576) (171,576) |
At 31/5/24 £ 2,725,044 |
At 31/5/24 £ 2,725,044 |
|---|---|---|---|
| 2,725,044 | |||
| Movement in funds £ 40,403 40,403 |
|||
| 40,403 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/6/23 £ 2,684,641 2,684,641 |
Net movement in funds £ 83,545 83,545 |
At 31/5/25 £ 2,768,186 |
|---|---|---|---|
| 2,768,186 |
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 | 376,440 | (292,895) | 83,545 |
| TOTAL FUNDS | 376,440 | (292,895) | 83,545 |
continued...
Page 9
Teslake Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2025
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2025.
Page 10