2022-03-31-accounts

Company Number: 06788607 Charity Number: 1127573

TECTONA TRUST LTD (Limited by Guarantee)

UNAUDITED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

----- Start of picture text -----
|
4 7 Pan \ \
f , \ |
Pa a ee —— : = , ie ; <- aa
Dlg =o a
> ~ a a — i= wd ~ “AS £ble
----- End of picture text -----*

TECTONA TRUST LTD (Limited by Guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

INDEX	Page	Page
Reference and administration information		vi
Report of the Directors	2-5
Statement of Directors Responsibilities		6
Independent Examiners Report		7
Statement of Financial Activities		8
Statement of financial position		9
NotestotheFinancialStatements	10-	12

TECTONA TRUST LTD

(Limited by Guarantee)

REFERENCE AND ADMINISTRATION INFORMATION

FOR THE YEAR ENDED 31 MARCH 2022

Directors/Trustees	Miss E C A Harley	Miss E C A Harley
	Dr B J Crabtree
	Dr R Ayres
	Mr J Williams		(Appointed	4 May 2021)
	Mr L E C Coleman		(Appointed	4 May 2021)
	Mr S J Morgan		(Appointed	25 January 2022)
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	1127573
Bankers	HSBC
Accountants	TS Partners Ltd
Independent Examiner	Ian Taberner BA FCA
	Turnbull & Co	Accountants Limited
	Pilgrim House
	Oxford Place
	Plymouth
	PL1 5AT

Page 1

TECTONA TRUST LTD

(Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2022

The directors present their report and the unaudited financial statements for the year ended 31 March 2022 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 and governed by its Memorandum and Articles of Association dated 12 January 2009.

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. Activities 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.

Activities

How our activities deliver public benefit

The sailing and boat maintenance activities that we sponsor, allow individuals who have been struggling in life the opportunity to try something new and gain confidence from the fact that they can achieve things they never thought they could.

By sailing on a boat with new people, individuals develop communication, teamwork and resilience as well as the ability to have fun and experience a completely new environment. All of these will hopefully lead to individuals feeling inspired and able to make positive changes in their lives back ashore. By attending the refit project each week, individuals develop a sense of purpose, routine and dedication to a project. Whilst learning new practical boat maintenance skills, individuals also make friends with the other volunteers, reducing loneliness and isolation.

The public benefit is that all these skills allow individuals to grow in themselves and improve their own prospects for success in their recovery journey.

Financial Review including Reserves Policy

The accounts for Tectona Trust for the period of 18t April 2021 - 318t March 2022 are presented.

During the period, the total income of the charity was £73,023.

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 £54,100.

• The Worshipful Company of Shipwrights

• • The National Lottery Awards for All - The Postcode Lottery ~ Garfield Weston Foundation

• ~ Dixie Rose Charitable Trust

• Gibbons Family Trust

We also raised £1,785 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, £17,138, was made up of various donations from our very kind supporters. These donations were mainly given through the ‘Just Giving’ fundraising platform, however some were given directly to the charity in cash or cheque. This amount included donations towards Tectona Trust fundraising events including the Garden Party and sponsorship for the Eddystone Pursuit.

We want to thank all our grantors and donors and are very grateful for their support.

During the period, the total expenditure of the charity was £83,833.

Of this amount, £1,922 was spent on our admin expenses, such as insurance, Just Giving fees, bank fees, accountancy fees and audit fees. The remaining £81,911 was spent on achieving our charitable objectives. £18,316 was spent on directly supporting people in recovery from mental health issues and substance misuse to participate in both residential; and day sailing voyages. Furthermore, the charity spent £63,795 on supporting Sailing Tectona CIC to maintain the vessel we own ~- Tectona - and run weekly boat maintenance sessions with people from all backgrounds, including those in recovery.

In the period we made a loss of £10,810.

The reserves carried forward on 31 March 2022 were £178,605. This included the £100,000 capital reserve from the bequest of the vessel ‘Tectona’, £35,829 in restricted funding (grants held for specific charitable objectives), £20,000 in restricted reserve and £22,776 in unrestricted funds. 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.

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

In April 2021, the UK was still living under government restrictions imposed due to the Covid-19 pandemic. These restrictions were slowly eased throughout the first half of the year until almost all restrictions were lifted in July.

Page 3

TECTONA TRUST LTD

DIRECTORS REPORT 31 MARCH 2022

{Limited by Guarantee)

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

This meant that we as a charity could begin to re-focus on our charitable objective of supporting people in recovery from mental health issues and substance misuse in a face-toface environment. In the period, we re-commenced our ‘normal’ objective of funding people in recovery to undertake a day or residential sailing voyage with the aim of them gaining confidence, resilience and the inspiration to make positive changes in their lives.

Throughout the year, we funded 57 people to sail on a voyage of recovery. We supported our first ever all female recovery voyage and went on to fund a further two later in the year. We also subsidised sailing voyages for a group of individuals and a group from Solihull. These voyages proved positive for all those who took part. One participant sain “I think the things that stuck out the most were that I could laugh and be young again. It seems like a weird thing to say but as an addict I had to grow up very quickly. On the voyage I found the fun in me which I thought I needed drugs to bring out. When really it’s been in me the whole time”. During the period, we also funded the volunteer led refit project on the vessel we ownTectona. Due to the Covid-19 pandemic, the decision had been made for her to undergo an extended refit with a complete strip out of the internal accommodation, survey of the hull and rebuild of the interior. This project continued in earnest during the period, with good progress being made on the refit work. The Tectona refit project provides an opportunity to meet our charitable objectives by getting people in recovery; alongside volunteers from all backgrounds, involved in the maintenance of the vessel. Each Thursday volunteers join in with working on Tectona - learning new skills, making new friends, growing in confidence and feeling part of a community.

Despite the beginning of the year being restricted, we have begun to return to a more normal way of operating where our beneficiaries have once again been able to experience all the positives of sailing and maintaining our traditional sailing vessels.

Structure and governance

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

Page 4

TECTONA TRUST LTD

(Limited by Guarantee)

DIRECTORS REPORT 31 MARCH 2022

Directors

The directors who served during the year were as follows:

Dr Barbara Crabtree Dr Richard Ayres Miss Emma Harley Mr Joshua Williams {Appointed 04/05/2021) Mr Laurent Coleman (Appointed 04/05/2021) Mr Steve Morgan (Appointed 25/01/2022) Miss Jennifer Davis (Resigned 04/05/2021)

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

• e Heaith and weli-being of participants, staff and volunteers

• e Safety and environmental protection

• e Recovery from mental health and addiction issues

• e Safeguarding

• e Strategic direction

• e Financial management

• e Marketing and PR

• e Law

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 £20,000 and keep these funds until such time as they are needed to complete a project or ensure the survival of the charity.

Risk Review

The Trustees have conducted their 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.

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 Missbo ECAMesrluy ley7/2/22 Director Date

Page 5

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:

• select suitable accounting policies and then apply them consistently;

• make judgements that are reasonable and prudent;

• state whether the policies adopted are in accordance with the appropriate SORP on Accounting by Charities and the Accounting Regulations, and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is not appropriate to presume that the company will continue in business.

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.

Page 6

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 2022 which are set out on pages 8 to 12.

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:

• examine the accounts (under section 145 of the Charities Act 2011)

• to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b} of the 2011 Act}; and

• to state whether particular matters have come to my attention.

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:

• which gives me reasonable cause to believe that, in any material respect, the requirements

• (a) to keep accounting records in accordance with s386 of the Companies Act 2006

• (b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Companies Act 2006 and the Statement of Recommended Practise: Accounting and Reporting by Charities (revised 2005) have not been met; or

• to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

• 1. drberey Ba PCA

Ian Taberner BA FCA Turnbull & Co Accountants Limited Chartered Accountants Pilgrim House Oxford Place Plymouth PL1 SAT

1% Reever hes Wer

Page 7

TECTONA TRUST LTD

(Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

			2022	2021
			Unrestricted	Total
		Notes	Funds	Funds
			£	£
Incoming Resources
Incoming Resources From
Generated Funds		1
Grants			54,100	50, 601
Donations			17,138	11,457
Membership fees			1,785	3, 920
Total Incoming Resources			73,023	65,978
Resources Expended
Direct charitable
expenditure		2	82,513	21,533
Governance costs		3	1,320	900
Total Resources Expended			63,333	22,433
Net (deficit)/surplus	for the year
before taxation			(10,810)	43,545
Taxation		4	-	-
Net (deficit) /surplus	for the year	7	(10,810)	43,545
Funds Brought Forward			189,415	145,870
Designated funds			~	-
FundsCarriedForward			178,605	189,415

Movements on reserves are set out in note 7 on page 12.

Page 8

TECTONA TRUST LTD

(Limited by Guarantee)

BALANCE SHEET AT 31 MARCH 2022

COMPANY NUMBER 06788607

	Note		2022		2021
		£		£	£	£
Fixed Assets
Tangible assets	5		100,000		100,000
Current Assets
Bank and Cash		79,498			91,215
Debtors - prepayments		427			-
		79,925			91,215
Creditors: amounts due
within one year	6	1,320			1,800
Net current assets			78,605		89,415
			178,605		189,415
Accumulated Funds
Unrestricted	7		22,776		39,370
Restricted	7		55,.829		50,045
Designated	7		100,	000	100,	000
			178,605		189,415

For the year ending 31 March 2022, 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

and signed on its behalf by

A Erllatuy o7frlrorz

Miss E C A Harley - Director

Page 9

TECTONA TRUST LTD

(Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2UR.

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 10

TECTONA TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

(Limited by Guarantee)

1 Accounting Policies (continued)

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.

2	Direct Charitable Expenditure	2022	2021
		£	£
	Vessel and voyage costs	81,911	20,427
	Office and administration expenses	602	1,106
		82,513	21,533
3	Governance Costs
	Independent Examination fee	900	900
	Accountancy fee	420	-
		1,320	900

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

5 Tangible Fixed Assets

											Sailing
											Vessel
Cost											£
At	1 April 2021										100,000
At	1 April 31 March 2022										100,000
Depreciation
At	31 March 2022										-
Net	book value
At	31 March 2022										100,000
At	31 March 2021										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
consideredappropriate.

Page 11

TECTONA TRUST LTD

(Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6 Creditors: Amounts falling due within one year

				2022	2021
				£	£
Accruals	and	deferred	income	1,320	1,800
				1,320	1,800

7	Accumulated Total Funds	Accumulated Total Funds	Accumulated Total Funds
				Restricted	Designated	Unrestricted	Total
				Fund	Fund	Fund	Funds
				£	£	£.	£
	At	1 April	2021	50,045	100, 000	39,370	189,415
	(Deficit)		for the year	5,784	-	(16,594)	(10,810)
	At	31March2022		55,829	100,000	22,776	178,605

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 12

TECTONA TRUST LTD

(Limited by Guarantee)

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

	2022	2021
	£	£
INCOME
Grants	54,100	50,601
Donations	17,138	11,577
Membership fees	1,785	3,920
Total Incoming Resources	73,023	65,978
COST OF SALES
Membership costs	=	374
Administration expenses
Tectona CIC	81,911	19,566
Accountancy fees	420	=
Survey fees	=	640
HMRC late filing pemalty	200	-
Insurance	170	516
Bank charges	16	-
Training	-	221
dust giving fees	216	216
Independent Examiner fee	300	900
	83,833	22,059
(Deficit)/surplus	(10,810)	43,545

Page 13