`Company Number: 06788607 Charity Number: 1127573` **`TECTONA TRUST LTD (Limited by Guarantee)`** **`UNAUDITED FINANCIAL STATEMENTS`** **`YEAR ENDED 31 MARCH 2024`** ## **`TECTONA TRUST LTD (Limited by Guarantee)`** ## **`FINANCIAL STATEMENTS`** ## **`FOR THE YEAR ENDED 31 MARCH 2024`** ``` ------------------------------------------------------------------------------------- ``` ``` INDEX 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 Notes to the Financial Statements 10 - 12 ``` ## **`TECTONA TRUST LTD (Limited by Guarantee)`** ## **`REFERENCE AND ADMINISTRATION INFORMATION`** ## **`FOR THE YEAR ENDED 31 MARCH 2024`** ``` -------------------------------------------------------------------------------------- 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 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 5AJ ``` ``` Page 1 ``` ## **`TECTONA TRUST LTD (Limited by Guarantee)`** ## **`DIRECTORS REPORT 31 MARCH 2024`** ## **`-----------------------------------------------------------------------------------------`** ``` The directors present their report and the unaudited financial statements for the year ended 31 March 2024 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 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. ``` ## **`A Financial Review including any Debts and Details of Reserves Policy`** ``` The accounts for Tectona Trust for the period of 1[st] April 2023 – 31[st] March 2024 are presented. ``` ``` Page 2 ``` ## **`TECTONA TRUST LTD`** ## **`(Limited by Guarantee)`** ## **`DIRECTORS REPORT 31 MARCH 2024`** ``` ----------------------------------------------------------------------------------------- ``` ## **`Financial Review including any Debts and Details of Reserves Policy (continued)`** ``` During the period, the total income of the charity was £110,341. ``` ``` This was made up of grant funding, including from the following organisations, totalling £94,263. ``` ``` - Lady Virginia Grant Lawson Charitable Trust ``` ``` - The Whirlwind Trust ``` ``` - Gibbons Family ``` ``` - Clothworkers Foundation ``` ``` - National Lottery Community Fund ``` ``` The remaining income, £16,078, 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 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 £109,224. ``` ``` Of this amount, £2,638 was spent on our admin expenses, such as insurance, Just Giving fees, bank fees and legal accountancy fees. ``` ``` The remaining £106,586 was spent on achieving our charitable objectives. In this period £6,586 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 £100,000 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 profit of £1,117. ``` ``` The reserves carried forward on 31 March 2024 were £179,548. This includes the £100,000 capital reserve from the bequest of the vessel ‘Tectona’, £41,990 in restricted funding (grants held for specific charitable objectives), £20,000 in restricted reserve and £17,558 in unrestricted funds. ``` ``` A substantial amount of time is contributed by Trustees/Directors and Officers in relation to the administration of the charity. No payments are made to any Trustees/Directors or Officers 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 2023 – March 2024, was a successful year for us at Tectona Trust. We supported people in recovery through residential sailing voyages and boat maintenance community days. Our primary aim was to increase people’s confidence, resilience, and well- being which we have noticed an increase in a need for following the pandemic. ``` ``` Throughout the year, we funded 29 people to sail on a voyage of recovery. This included individuals in recovery from drug and alcohol addiction and mental health issues, Wounded, ``` ``` Page 3 ``` ``` TECTONA TRUST LTD ``` ``` (Limited by Guarantee) ``` ## **`DIRECTORS REPORT 31 MARCH 2024`** ## **`Activities and Objectives in the Year, Achievements and Performance (including reporting on its public benefit) (continued)`** ``` injured and sick Navy personnel, young women aged 18-30 in recovery from addiction and young people in with mental health issues. ``` ``` These voyages proved positive for all those who took part. One participant said “I feel more engaged emotionally and grateful for the experience” whilst another said “it was an amazing week where for the first time in ages I was able to put my problems and worries on the backburner”. ``` ``` During the period, we also funded the volunteer led refit project on the vessel we own- Tectona. 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 work is coming into its finishing stages and is due to be finished next year with Tectona returning to voyages in 2025. 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 good one with many people’s lives enriched by their involvement with Tectona. This goes on to have a ripple effect and wider public benefit as people’s improved well-being and mental health positively impacts their circle of family, friends and community. ``` ## **`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 ``` ## **`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 2024`** ``` ----------------------------------------------------------------------------------------- ``` ## **`Directors (continued)`** - `Health and wellbeing of participants, staff and volunteers` - `Recovery from addiction and mental health issues` - `Safeguarding` - `Safety and environmental protection` - - - `Marketing and PR` - `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 need to update their review of major risks to which the charity is exposed and update systems 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 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 2024 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.` ``` Ian Taberner BA FCA Turnbull & Co Accountants Limited Chartered Accountants Pilgrim House Oxford Place Plymouth PL1 5AJ ``` ``` Page 7 ``` ## **`TECTONA TRUST LTD (Limited by Guarantee)`** ## **`STATEMENT OF FINANCIAL ACTIVITIES`** ``` INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`-------------------------------------------------------------------------`** ``` 2024 2023 Notes Unrestricted Funds £ £ Incoming Resources Incoming Resources From Generated Funds 1 Grants 94,263 91,112 Donations 16,078 19,937 Membership fees - 138 ------- ------- Total Incoming Resources 110,341 111,187 ======= ======= Resources Expended Direct charitable expenditure 2 107,883 110,041 Governance costs 3 1,341 1,320 ------- ------- Total Resources Expended 109,224 111,361 ======= ======= Net surplus/(deficit) for the year before taxation 1,117 (174) Taxation 4 - - ------- ------ Net surplus/(deficit) for the year 7 1,117 (174) Funds Brought Forward 178,431 178,605 Designated funds - - ------- ------- Funds Carried Forward 179,548 178,431 ======= ======= ``` ``` 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 2024 COMPANY NUMBER 06788607`** ``` ----------------------------------------------------------------------------------------- Note 2024 2023 £ £ £ £ Fixed Assets Tangible assets 5 100,000 100,000 Current Assets Bank and Cash 81,217 79,669 Debtors – prepayments 512 502 ------ ------ 81,729 80,171 Creditors:amounts due within one year 6 2,181 1,740 ------ ------ Net current assets 79,548 78,431 ------- ------- 179,548 178,431 ======= ======= Accumulated Funds Unrestricted7 17,558 12,602 Restricted7 61,990 65,829 Designated 7 100,000 100,000 ------- ------- 179,548 178,431 ======= ======= ``` ``` For the year ending 31 March 2024, 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 ``` ``` Miss E C A Harley - Director ``` ## **`TECTONA TRUST LTD`** ## **`(Limited by Guarantee)`** ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024`** ## **`-----------------------------------------------------------------------------------------`** ``` 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`** ## **`Depreciation`** ``` Depreciation is not considered appropriate on the sailing vessel. ``` ``` TECTONA TRUST LTD ``` ## **`(Limited by Guarantee)`** ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024`** ``` --------------------------------------------------------------------------------------- ``` ## **`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 2024 2023 £ £ Vessel and voyage costs 106,586 108,998 Office and administration expenses 1,297 1,043 ------- ------- 107,883 110,041 ======= ======= 3 Governance Costs Independent Examination fee 900 900 Accountancy fee 441 420 ------- ------- 1,341 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 2023 100,000 ------- At 31 March 2024 100,000 ======= Depreciation At 31 March 2024 - ======= Net book value At 31 March 2024 100,000 ======= At 31 March 2023 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 11 ``` ## **`TECTONA TRUST LTD`** ## **`(Limited by Guarantee)`** ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024`** ## **`-------------------------------------------------------------------------------------`** ## **`6 Creditors: Amounts falling due within one year`** ``` 2024 2023 £ £ Amount owed to group undertakings 840 420 Accruals and deferred income 1,341 1,320 ----- ----- 2,181 1,740 ===== ===== ``` ## **`7 Accumulated Total Funds`** ``` Restricted Designated Unrestricted Total Fund Fund Fund Funds £ £ £ £ At 1 April 2023 65,829 100,000 12,602 178,431 Transfer between funds (3,839) - 3,839 - Surplus for the year - - 1,117 1,117 ------ ------- ------- ------- At 31 March 2024 61,990 100,000 17,558 179,548 ====== ======= ======= ======= ``` ``` 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 2024`** ``` ------------------------------------------------------------------------------------- 2024 2023 £ £ INCOME Grants 94,263 91,112 Donations 16,078 19,937 Membership fees - 138 ------- ------- Total Incoming Resources 110,341 111,187 ======= ======= Administration expenses Tectona CIC 106,586 108,998 Accountancy fees 441 420 HMRC late filing penalty - - Insurance 672 563 Bank charges 63 62 Just giving fees 562 418 Independent Examiner fee 900 900 ------- ------- 109,224 111,361 ======= ======= Surplus/(deficit) 1,117 (174) ``` ``` Page 13 ```