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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 2023

for

Teslake Limited

Teslake Limited

Contents of the Financial Statements
for the Year Ended 31 May 2023










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 12

Teslake Limited (Registered number: 01369394)

Report of the Trustees
for the Year Ended 31 May 2023



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 2023. 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 29 February 2024 and signed on its behalf by:





A Guttentag - Trustee

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 2023.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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: .............................................

Teslake Limited

Statement of Financial Activities
for the Year Ended 31 May 2023

31.5.23 31.5.22
Unrestricted
fund Total funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies - 1

Investment income 2 205,562 218,636
Total 205,562 218,637

EXPENDITURE ON
Charitable activities
Charitable 151,980 146,390

Other 11,137 11,531
Total 163,117 157,921

Net gains on investments - 61,438

NET INCOME 42,445 122,154


RECONCILIATION OF FUNDS
Total funds brought forward 2,642,196 2,520,042

TOTAL FUNDS CARRIED FORWARD 2,684,641 2,642,196

Teslake Limited (Registered number: 01369394)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Unrestricted
fund Total funds
Notes £ £
FIXED ASSETS
Tangible assets 7 - 268
Investment property 8 1,680,000 1,680,000
1,680,000 1,680,268

CURRENT ASSETS
Debtors 9 906,612 595,374
Cash at bank 134,433 397,736
1,041,045 993,110

CREDITORS
Amounts falling due within one year 10 (36,404 ) (31,182 )

NET CURRENT ASSETS 1,004,641 961,928

TOTAL ASSETS LESS CURRENT LIABILITIES 2,684,641 2,642,196

NET ASSETS 2,684,641 2,642,196
FUNDS 11
Unrestricted funds 2,684,641 2,642,196
TOTAL FUNDS 2,684,641 2,642,196

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.


Teslake Limited (Registered number: 01369394)

Balance Sheet - continued
31 May 2023

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 29 February 2024 and were signed on its behalf by:





A Guttentag - Trustee

Teslake Limited

Notes to the Financial Statements
for the Year Ended 31 May 2023


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.


Teslake Limited

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. INVESTMENT INCOME
31.5.23 31.5.22
£ £
Rents received 147,684 159,420
Insurance commission received 1,532 1,435
Deposit account interest 538 17
Other interest receivable 55,808 57,764
205,562 218,636

3. GRANTS PAYABLE
31.5.23 31.5.22
£ £
Charitable 151,980 146,390

Start Upright 30,000
Chasdei Dov Trust 20,000
Mead Charitable trust 20,000
Various donations under £15,000 81,980
Total 151,980

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.5.23 31.5.22
£ £
Depreciation - owned assets 268 268

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.



Teslake Limited

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 1

Investment income 218,636
Total 218,637

EXPENDITURE ON
Charitable activities
Charitable 146,390

Other 11,531
Total 157,921

Net gains on investments 61,438

NET INCOME 122,154


RECONCILIATION OF FUNDS
Total funds brought forward 2,520,042

TOTAL FUNDS CARRIED FORWARD 2,642,196

7. TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 June 2022 and 31 May 2023 804
DEPRECIATION
At 1 June 2022 536
Charge for year 268
At 31 May 2023 804
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 268

Teslake Limited

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


8. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 June 2022
and 31 May 2023 1,680,000
NET BOOK VALUE
At 31 May 2023 1,680,000
At 31 May 2022 1,680,000

Fair value at 31 May 2023 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:

31.5.23 31.5.22
£ £
Cost 935,594 935,594

Investment property was valued on an open market basis on 31 May 2022 by the director. .

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£ £
Trade debtors 68,341 68,341
Amounts owed by participating interests 4,621 4,378
Other debtors 675 675
Loan debtors 832,975 521,980
906,612 595,374


Teslake Limited

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£ £
VAT 1,296 1,054
Other creditors 541 541
Rent in advance 15,963 11,463
Accrued expenses 18,604 18,124
36,404 31,182

11. MOVEMENT IN FUNDS
Net
movement
At 1/6/22 in funds At 31/5/23
£ £ £
Unrestricted funds
General fund 2,642,196 42,445 2,684,641

TOTAL FUNDS 2,642,196 42,445 2,684,641

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 205,562 (163,117 ) 42,445

TOTAL FUNDS 205,562 (163,117 ) 42,445


Comparatives for movement in funds

Net
movement
At 1/6/21 in funds At 31/5/22
£ £ £
Unrestricted funds
General fund 2,520,042 122,154 2,642,196

TOTAL FUNDS 2,520,042 122,154 2,642,196

Teslake Limited

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


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 218,637 (157,921 ) 61,438 122,154

TOTAL FUNDS 218,637 (157,921 ) 61,438 122,154

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement
At 1/6/21 in funds At 31/5/23
£ £ £
Unrestricted funds
General fund 2,520,042 164,599 2,684,641

TOTAL FUNDS 2,520,042 164,599 2,684,641

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 424,199 (321,038 ) 61,438 164,599

TOTAL FUNDS 424,199 (321,038 ) 61,438 164,599


Teslake Limited

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 May 2023.