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## TECTONA TRUST LTD ## (Limited by Guarantee) ## FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 MARCH 2023 |INDEX|||Page|Page| |---|---|---|---|---| |Reference|and administration information|||1| |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| |Notesto|theFinancialStatements|1Q'|-|12| ## TECTONA TRUST LTD ## (Limited by Guarantee) ## REFERENCE AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 31 MARCH 2023 ## Directors/Trustees Miss E C A Harley Dr B J Crabtree Dr R Ayres Mr J Williams Mr L E C Coleman Mr S J Morgan 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 5SAJ Page 1 ## TECTONA TRUST LTD ## {Limited by Guarantee) ## DIRECTORS REPORT 31 MARCH 2023 The directors present their report and the unaudited financial statements for the year ended 31 March 2023 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 disadvantagedand those suffering mental health and addiction problems. ## 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. ## 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 boat maintenance 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. 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. The accounts for Tectona Trust for the period of 15t April 2022 - 31st March 2023 are presented. During the pericd, the total income of the charity was £111,187. Page 2 ## TECTONA TRUST LTD ## (Limited by Guarantee) ## DIRECTORS REPORT 31 MARCH 2023 ## Financial Review including any Debts and Details of Reserves Policy This was made up of grant funding, including from the following organisations, totalling £91,112. - The Whirlwind Charitable Trust - The National Lottery Awards for All - The Swire Charitable Trust - Garfield Weston Foundation - Trinity Sailing Foundation The remaining income, £20,075, 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 extremely grateful for their support. During the period, the total expenditure of the charity was £111,361. Of this amount, £2,363 was spent on our admin expenses, such as insurance, Just Giving fees, bank fees and accountancy fees. The remaining £108,998 was spent on achieving our charitable objectives. £21,636 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 £87,362 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 small loss of £174. The reserves carried forward on 31 March 2023 were £178,431. This included the £100,000 capital reserve from the bequest of the vessel ‘Tectona’, £45,829 in restricted funding (grants held for specific charitable objectives), £20,000 in restricted reserve and £12,602 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 Trustees/Directors 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) The year of April 2022 - March 2023, was the first year when things were back to “normal” following the Covid-19 pandemic, All government restrictions were lifted, and we had a full year of supporting people in recovery face to face through sailing voyages and boat maintenance community days. Our primary aim was to increase people’s confidence, resilience, and well-being which we noticed an increase in a need for, following the pandemic. Page 3 ## TECTONA TRUST LTD ## (Limited by Guarantee) ## DIRECTORS REPORT 31 MARCH 2023 ## Activities and Objectives in the Year, Achievements and Performance (including reporting on its public benefit) (continued) Throughout the year, we funded 31 people to sail on a voyage of recovery. This included wounded, injured and sick Navy personnel, young people aged 18 - 25 in recovery from mental health issues, people in recovery from addiction and Plymouth University students, These voyages proved positive for all those who took part. One participant sain “It’s hard to find the words..Personally, this has been the best week of my life. I saw and did things I never expected to experience. The crew were totally amazing and supportive. Olga has felt like home and will always have a special place in my heart.” During the period, we also funded the volunteer led refit project on the vessel we ownTectona. This is an ongoing project to refurbish the interior accommodation onboard, as well as update the rigging, helm position and deck layout. 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. All in all, the year was a successful return to normal charitable objectives which was a real achievement following the restrictions we had faced the previous years. ## 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 heid ## Directors The trustees/directors who served during the year were as follows: Dr Barbara Crabtree Dr Richard Ayres Miss Emma Harley Mr Joshua Williams Mr Laurent Coleman Mr Steve Morgan In appointing members to the Board, we have endeavoured to have a spectrum of backgrounds and expertise covering: Page 4 ## TECTONA TRUST LTD ## (Limited by Guarantee) ## DIRECTORS REPORT 31 MARCH 2023 Directors (continued) - e Health and well-being of participants, staff and volunteers - e Recovery from addiction and mental health issues - ® Safeguarding - e Safety and environmental protection - e® Strategic direction - e Financial management - ® Marketing and PR - e Law ## Reserves policy It is the policy of the company to build up the 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 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 Miss E C A Harley“4 Director Date if [12/223 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 aré 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 2023 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 - (pb) 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. Ian Taberner BA FCA Turnbull & Co Accountants Limited Chartered Accountants Pilgrim House Oxford Place Plymouth PL1 5AJ [3 Drcnbe: 2023 Page 7 ## TECTONA TRUST LTD ## (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 ||||2023|2022| |---|---|---|---|---| |||Notes|Unrestricted|Funds| ||||£|£| |Incoming Resources||||| |Incoming Resources From||||| |Generated Funds||Zz||| |Grants|||91,112|54,100| |Donations|||19,937|17,138| |Membership fees|||138|1,985| |Total Incoming Resources|||111,187|73,023| |Resources Expended||||| |Direct
charitable||||| |expenditure||2|110,042|827523| |Governance costs||3|1,320|1,320| |Total Resources Expended|||111.1362,|83,833| |Net
(deficit)/surplus|for the year|||| |before taxation|||(174)|(10,810)| |Taxation||4|=|=| |Net
(deficit)/surplus|for the year|||(174)|(10,810)| |Funds Brought Forward|||178,605|189,415| |Designated funds|||-|-| |FundsCarriedForward|||178,431|178,605| Movements on reserves are set out in note 7 on page i2. Page 8 COMPANY NUMBER 06788607 ## TECTONA TRUST LTD (Limited by Guarantee) ## BALANCE SHEET AT 31 MARCH 2023 |||Note||2023||2022| |---|---|---|---|---|---|---| ||||£|£|£|£| |Fixed Assets||||||| |Tangible assets||5||100,000||100,000| |Current Assets||||||| |Bank and Cash|||79,669||79,498|| |Debtors - prepayments|||502||427|| ||||80,171||79; 925|| |Creditors:|amounts due|||||| ||within one year|6|1,740||1,320|| |Net current|assets|||78,431||78,605| |||||178,431||178,605| |Accumulated|Funds|||||| |Unrestricted||7||12,602||22,776| |Restricted||7||65,829||55,829| |Designated||7||100,000||100,000| |||||178,431||178,605| For the year ending 31 March 2023, 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 is / i7[2s and signed on its behalf by é Lip tt} g = Z 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 2023 Tectona Trust Ltd is a company limited by guarantee and a charity registered at the Charity CommissionPL1 2LR. of England and Wales. The principal office is 2 The Barbican, Plymouth, Devon, The presentation currency is £ sterling: ## L 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 PRS 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 toa 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 ## (Limited by Guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ## 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|2023|2022| |---|---|---|---| |||£|£| ||Vessel and voyage costs|108,998|81,911| ||Office and administration expenses|1,043|602| |||110,041|82,513| |3|Governance Costs||| ||Independent Examination fee|900|900| ||Accountancy fee|420|420| |||1,320|1,320| 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 2022||||||||||100,000| |At|1 April 31 March 2023||||||||||100,000| |Depreciation|||||||||||| |At|31 March 2023||||||||||v| |Net|book value||||||||||| |At|31 March 2023||||||||||100,000| |At|31 March 2022||||||||||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 2023 ## 6 Creditors: Amounts falling due within one year |||||2023|2022| |---|---|---|---|---|---| |||||£|£| ||Amount owed to group undertakings|||420|_| ||Accruals and deferred income|||dy 320|1,320| |||||1,740|fp320| |7|Accumulated Total Funds||||| |||Restricted|Designated|Unrestricted|Total| |||Fund|Fund|Fund|Funds| |||£|£|=|z| ||At
1 April 2022|55,829|100,000|22,776|178,605| ||Transfer between funds|10,000|=|(10,000)|=| ||{Deficit)
for the year|-|-|(174)|{174)| ||At
31March2023|65,829|100,000|12,602|178,431| 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 2023 ||2023|2023|2022| |---|---|---|---| ||z||£| |INCOME|||| |Grants|91,212||54,100| |Donations|19,,|937|Ahpt39| |Membership fees||138|1,785| |Total Incoming Resources|111,187||73,023| |Administration expenses|||| |Tectona CIC|108,998||81,911| |Accountancy fees||420|420| |HMRC late filing pemalty||=|200| |Insurance||563|170| |Bank charges||62|16| |Just giving fees||418|216| |Independent Examiner fee||900|900| ||111,361||83,833| |(Deficit)/surplus|(174)||(10,810)| Page 13