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2021-03-31-accounts

Company Number: 06788607 Charity Number: 1127573

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TECTONA TRUST LTD
(Limited by Guarantee)
UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
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TECTONA TRUST LTD

(Limited by Guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

INDEX Page Page
Reference and administration information 1
Report of the Directors 2-6
Statement of Directors Responsibilities 7
Independent Examiners Report 8
Statement of Financial Activities 9
Statement of financial position 10
Notestothe
FinancialStatements		 li ~ 13

TECTONA TRUST LTD

{Limited by Guarantee)

REFERENCE AND ADMINISTRATION INFORMATION

FOR THE YEAR ENDED 31 MARCH 2021

Directors/Trustees Miss E C A Harley Miss E C A Harley (Appointed 15 January 2021)
Dr
B
J Crabtree
Dr R Ayres
Mr J Williams (Appointed 4 May 2021)
Mr L E C Coleman (Appointed 4 May 2021)
Secretary Mr C G Rowsell
Officers Mr M Parlett (Honorary Finance Manager)
Registered Office C/O Cattewater Harbour Commissioners
2
The Barbican
Plymouth
Devon
PL1
2LR
Company Registration 06788607
Number
Registered Charity Number LI27S73
Bankers HSBC
Accountants TS
Partners Ltd
Independent Examiner Ian Taberner BA FCA
Turnbull
& Co Accountants Limited
Pilgrim House
Oxford
Place
Plymouth
PL1
5Ad

Page 1

TECTONA TRUST LTD

(Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2021

The directors present their report and the unaudited financial statements for the year ended 31 March 2021 for the purposes of section 162 of the Charities Act 2011 and for the purposes of section 419(2) of the Companies Act 2006. The directors confirm that they have complied with the duty in section 17 (5) of the 2011 Charities Act to have due regard to guidance published by the Charities Commission.

Status

The company is registered as a charity under section 4 Charities Act 1960 with the registered charity number of 1127573 and a company registration number of 06788607 and is limited by guarantee.

Objectives

To help people of all ages to develop and become mature and responsible individuals through experience of sail training activities in traditional sailing craft, including maintaining and conserving the craft. Such people include the socially disadvantaged and those suffering mental health and additional problems.

The Trustees confirm that they have referred to the guidance given by the Charity Commissioners on public benefit when reviewing the charity’s aims and objectives and when planning future activities.

Aotivities

We help people of all ages, including those with mental health issues and those recovering from substance mis-use, to benefit from experience on traditional sailing craft. This has been achieved using the sailing vessel “Tectona”, owned by Tectona Trust Ltd and operated by our associate company Sailing Tectona CIC. In parallel we assist medical professionals to understand the benefit such activity can provide, and we research this field. How our activities deliver public benefit The activities sponsored by Tectona Trust Ltd allow individuals to participate as members of an efficient team, sailing a traditional sailing vessel on which sails are raised and trimmed manually, techniques of seamanship are learned, and an appreciation of the sea and weather is gained. Team work, communication and resilience are all developed daily. This acts as a catalyst for individuals to make positive changes in their subsequent lives. The public benefit is that the recovery organisations advise that participation in these activities is leading to a significant improvement in the prospects for success on the individual paths to recovery.

The Directors/Trustees of Tectona Trust Ltd have had due regard to the Charities Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant. Financial Review including Reserves Policy The accounts for Tectona Trust for the period of 18t April 2020 - 318* March 2021 are presented.

During the period, the total income of the charity was £65,978.

Page 2

TECTONA TRUST LTD

(Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2022

Financial Review including Reserves Policy

(continued)

This was made up of grant funding, including from the following organisations, totalling £50, 601.

We also raised £3,920 from our ‘Friends of Tectona and Olga (FOTO)’ Membership scheme. People can choose to be an ocean, life or corporate member and in return receive updates about our work and the opportunity to take part in a day sail onboard Tectona or Olga. The remaining income, £11,457, was made up of various donations from our very kind supporters. These donations were mainly given through the ‘Just Giving’ fundraising website, however some were given directly to the charity in cash or cheque. During the period, the total expenditure of the charity was £22,433. Of this amount, £1,966 was spent on our admin expenses, such as insurance, Just Giving fees, surveyors fees and volunteer training as well as roughly £370 being spent on calendars for our members and supporters. The remaining £19,566 was spent on achieving our charitable objectives. £5,218 was spent on directly supporting people in recovery from mental health issues and substance misuse to participate in sailing and boat maintenance activities. Due to the government restrictions in place this mainly consisted of day sails and regular weekly volunteering sessions whilst the boat was moored alongside. Furthermore, the charity spent £14,348 on supporting Sailing Tectona CIC to maintain the vessel we own ~ Tectona. All of this meant that those in recovery could undertake the activities described above. Tectona Trust’s reserve policy had no changes in the period with the value of the reserve remaining at £20,000. The participants in our activities are not generally in a financial position to self-fund the cost of the voyages. Tectona Trust makes contributions towards these on a case by case basis, thereby facilitating the voyages for those who would not otherwise be able to afford them. Tectona Trust Ltd obtains its funds by grants and individual donors. We are very grateful to our grantors and donors.

A surplus was made this year of £43,545. The reserves carried forward at 31 March 2021 were £189,415 which includes the £100,000 capital reserve from the bequest of ‘Tectona’. A substantial amount of time is contributed by Officers and Directors/Trustees in relation to the administration of the charity. No payments are made to any officers or Board Members in this respect. The value of these ‘gifts in kind’ has not been quantified by the officers.

Page 3

TECTONA TRUST LTD

(Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2021

Activities and Objectives in the Year, Achievements and Performance (including reporting on its public benefit)

In April 2020, the UK had just entered its first national lockdown as a result of the Covid19 pandemic. This had a significant impact on Tectona Trust, as it did on countless lives, small business, and charities.

During this unprecedented time of national and international disruption and crisis, our primary objective became to survive financially, so that the charity would be around to provide sail training activities for public benefit when we were able to again. As well as focusing on financial stability, we were as flexible as possible and reached out to our beneficiaries as best we could. With the inability to undertake our ‘normal’ activities due to the pandemic, we supported several online sailing related activities such as virtual racing and navigation lessons. These were designed to keep those suffering from mental health issues, who were particularly isolated, engaged with a community and looking forward to the day when they could sail again. Throughout this time, our trading subsidiary - Sailing Tectona CIC - kept on top of the maintenance of our 92-year-old wooden sailing vessel ‘Tectona’. We are very grateful to them for the work they did in extremely challenging times.

In August and September, when government covid restrictions eased for a time, we were able to support those in recovery from mental health issues and substance misuse to take part in some very limited face to face activities in line with our charitable objectives. Some took part in day sails, whilst most took part in shore~based maintenance days.

These allowed people to learn new skills, re-engage with others in a social setting and feel part of a community with a real purpose. These benefits were particularly important to those who had struggled throughout lockdown. The next national lockdown was enforced in November 2020, and therefore these face-to-face activities had to stop again. Unfortunately, it remained that way until the end of the period (March 2021).

Despite such a difficult year, the charity survived financially and managed to deliver its charitable objectives for a time. Given the circumstances, the trustees feel that this was a success, however we are very much looking forward to a time when we can provide the full extent of our public benefit again.

Structure and governanca

Tectona Trust Ltd is a company limited by guarantee and governed by it’s Memorandum and Articles of Association dated 12 January 2009. It is registered as a charity with the Charity Commission.

The company is overseen by it’s Directors/Trustees and Officers, who meet and set the strategic direction in line with the mission and vision of the charity.

Funds held as Custodian Trustee

No such funds are held

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TECTONA TRUST LTD

(Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2021

Directors

The directors who served during the year were as follows:

Mr C G Rowsell (Resigned 15/01/2021)
Mr C W Hattersley (Resigned 15/01/2021)
Mr P G Wright (Resigned 15/01/2021)
Dr B J Crabtree
Mrs J G Preston (Resigned 15/01/2021)
Mr N H Crabtree (Resigned 15/01/2021)
Dr R Ayres
Miss J C Harvard Davis (Appointed 18 May 2020, Resigned 04/05/2021)
Miss E C A Harley (Appointed 15/01/2021)
Mr J Williams (Appointed 04/05/2021)
MrLECColeman (Appointed04/05/2021)

In appointing members to the Board and Advisors we have endeavoured to have a spectrum of expertise that includes:

Note: Tectona is managed, maintained and manned by Sailing Tectona CIC. Whilst the Board of Tectona Trust Ltd keeps a high level overview of this, the expertise in the detail of operation of sail training vessels resides in Sailing Tectona CIC.

Reserves policy

It is the policy of the company to build up their reserves to such time as they are needed to complete a project the charity is working towards or there is a large repair/replacement needed.

Risk Review

The Board has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Should significant external risks to funding be identified, a strategic plan will be developed which will allow for the diversification of funding and activities. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

Page 5

TECTONA TRUST LTD

{Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2021

Advantage is being taken in the preparation of the directors report, of the special exemptions applicable to small companies conferred by the Companies Act 2006

ON BEHALF OF THE BOARD

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WA
Miss £ C A Harley
Director
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Date WA2 /202\

Page 6

TECTONA TRUST LTD

(Limited by Guarantee)

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view. In preparing those financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time, the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website.

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TECTONA TRUAT LTD

(Limited by Guarantee)

INDEPENDENT EXAMINERS REPORT TO THE DIRECTORS OF TECTONA TRUST LTD

I report on the accounts of Tectona Trust Ltd for the year ended 31 March 2021 which are set out on pages 9 to 13.

Respective Responsibilities of Directors and Independent Examiner

The charity’s directors are responsible for the preparation of the accounts. The charity’s directors consider that an audit is not required for this year under part 16 of the Companies Act 2006 and an independent examination has been requested.

It is my responsibility to:

Basis of independent examiners’ report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts.

Independent examiners’ statement

In connection with my examination, no matter has come to my attention:

Ian Taberner BA FCA Turnbull & Co Accountants Limited Chartered Accountants Pilgrim House Oxford Place Plymouth PL1 SAT LL a, Ry conks 101 |

Page 8

TECTONA TRUST LTD

(Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
Unrestricted Total
Notes Funds Funds
£ £
Incoming Resources
Incoming Resources From
Generated Funds 1
Grants 50,601 78,500
Donations 11,457 10,917
Membership fees 3 920 -
Total Incoming Resources 65,978 89,417
Resources Expended
Direct
charitable
expenditure 2 21, 533 78,410
Governance costs 3 900 900
Total Resources Expended 22,433 79,310
Net surplus
for the year
before taxation 43,545 10,107
Taxation 4 - -
Net surplus for the year 7 43,545 10,107
Funds Brought Forward 145,870 35,763
Designated funds - 100,000
FundsCarriedForward 189,415 145,870

Movements on reserves are set out in note 7 on page 13.

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COMPANY NUMBER 06788607

TECTONA TRUST LTD

(Limited by Guarantee)

BALANCE SHEET AT 31 MARCH 2021

' Note 2021 2020
£ £ x £
Fixed Assets
Tangible assets 5 100, 000 100,000
Current Assets
Bank and Cash 91,215 46,770
46,770 46,770
Creditors:
amounts due
within one year 6 1,800 900
Net current assets 89,415 45,870
189,415 145,870
Accumulated Funds
Unrestricted 7 39,370 23,975
Restricted 7 50,045 21,895
Designated 7 100,000 100,000
189,415 145,870

For the year ending 31 March 2021, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the Board of Directors on 2/12/20 al and signed on its behalf by

f cutee)fi Miss E C A Harley - Director

Page 10

TECTONA TRUST LTD

(Limited by Guarantees)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Tectona Trust Ltd is a company limited by guarantee and a charity registered at the Charity Commission of England and Wales. The principal office is 2 The Barbican, Plymouth, Devon, PL1 2LR.

The presentation currency is £ sterling.

1 Accounting Policies

Basis of preparation

The financial statements have been prepared on the historic cost basis and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 Jauary 2015)-(Charities SORP (FRS 102) and the Companies Act 2006.

Tectona Trust Ltd meets the definition of a public benefit entity under FRS 102.

In considering the transition to the accounting policies required by FRS 102, no adjustments have been made to restate the comparative figures.

Format of accounts

In the opinion of the directors, the standard format of the profit and loss account as laid down by the Companies Act 2006, would not present a fair view of the results of the company. Accordingly, the format of the profit and loss account has _ been amended as permitted by the Companies Act 2006.

Fund accounting

General funds are unrestricted funds which are available for the trustees for furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds are unrestricted funds that the trustees have set aside for a particular purpose.

Incoming Resources

Income is represented by monies derived from the company's principal activities and is only recognised when the company has entitlement to the income, it can be measured reliably and it is probable that it will be received.

Resources expended

Charitable Activities comprise those expenses directly related to the principal activity of the provision of sail training activities to people of all ages. All expenditure is accounted for on an accruals basis and is fully analysed in the notes. It is recognised once there is a legal obligation to make payment to a third party, that it can be measured reliably and it is likely that payment will be required. Governance Costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

Fixed assets

All appropriate fixed assets are capitalised.

Depreciation

Depreciation is not considered appropriate on the sailing vessel.

Page 11

TECTONA TRUST LTD

(Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is possible that a transfer of economical benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or amount received as advanced payments for goods or services it must provide.

Grants

Grants received are accounted for on an accruals basis and are shown separately on the Statement of Financial Activities. Grant income is only subsequently deferred if required by the specific terms and conditions of the grant.

Going concern

In the opinion of the directors, a going concern basis in preparing the accounts can be adopted.

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||||||| |---|---|---|---|---|---| |2|Direct|Charitable|Expenditure|2021|2020| |£|£| |Vessel|and|voyage|costs|20,427|78,103| |Office|and|administration|expenses|1,106|307| |21,533|78,410|

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3 Governance Costs

Reporting Accountants Fee 900 900

4 Taxation

The company is a registered charity and no provision for taxation is considered necessary.

5 Tangible Fixed Assets

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Sailing| |Vessel| |Cost|£| |At|1|April|2020|100,000| |At|1|April|31|March|2021|100,000| |Depreciation| |At|31|March|2021|-| |Net|book|value| |At|31|March|2021|100,000| |At|31|March|2020|100,000| |The|sailing|vessel|TECTONA|was|bequeathed|by|the|late|Dr|Roger|Crabtree|and| |introduced|at|Directors’|valuation.|In|the|circumstances,|depreciation|is|not| |considered|appropriate.| |Page|12|

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TECTONA TRUST LTD

(Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6 Creditors: Amounts falling due Creditors: Amounts falling due within one year
2021 2020
= £
Accruals and deferred income 1,800 900
1,800 900
7 Accumulated Total Funds
Restricted Designated Unrestricted Total
Fund Fund Fund Funds
£ £ £ £
At 1 April 2020 21,895 100,060 23,979 145,870
Surplus or the year 28,150 = 15,395 43,545
At 31March2021 50,045 100,000 39,370 189,415

General funds are held for the continuity of the charity.

Restricted funds are grants held for specific charitable purposes.

Designated funds represent the sailing vessel TECTONA bequeathed to the charity.

8 Share Capital

The company is limited by guarantee.

9 Control

The company is under the effective control of its directors.

10 Transactions with the Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, nor have they received expenses.

Page 13

e

TECTONA TRUST LTD

(Limited by Guarantee)

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

2021 2021 2020
£ £
INCOME
Grants 50,601 78,500
Donations 11,457 10,917
Membership fees 3,920 100
Total Incoming Resources 65,978 89,417
COST OF SALES
Membership costs 374 ~
Administration expenses
Tectona CIC 19, 566 76,569
Measurement fees - -
Survey fees 640 696
MCA registration = 153
Insurance 516 469
Website
fees		 “ 307
Training 221 =
Just giving fees 216 216
Independent Examiner fee 900 900
22,059 79,310
SURPLUS 43,545 10,107

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