**REGISTERED COMPANY NUMBER: 08082272 (England and Wales) REGISTERED CHARITY NUMBER: 1149992**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2021**
**for**
**The High Tide Foundation**
Anderson Barrowcliff LLP Chartered Accountants
3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX
**The High Tide Foundation**
## **Contents of the Financial Statements for the Year Ended 31 December 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 2|
|**Independent Examiner's Report**|3|
|**Statement of Financial Activities**|4|
|**Balance Sheet**|5|
|**Notes to the Financial Statements**|6 to 12|
|**Detailed Statement of Financial Activities**|13 to 14|
**The High Tide Foundation**
## **Report of the Trustees for the Year Ended 31 December 2021**
The Trustees submit their report together with financial statements for the year ended 31 December 2021.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives, Activities and Achievements**
High Tide is an independent charitable Foundation, funded by businesses on Tees Valley, which delivers life changing career experiences. We open young people’s eyes and minds to Tees Valley’s diverse career opportunities providing real life work experience which increases understanding, improves skills, raises confidence, and builds aspirations.
The Foundation’s aim is to improve learning and employment opportunities whilst raising aspirations for young people across the region through unique work experience and industry-led skills programmes.
The Trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the Foundation should undertake.
The Foundation delivers physical industry led programmes, from cadetships through to our flagship work experience programme, that support young people into work and deliver measurable improvements to skills and confidence.
In 2020 the foundation created a virtual programme offer in response to the restrictions placed by the coronavirus pandemic, and was supported through the partnership with national charity Speakers for Schools. The virtual programme offer has been received with very positive feedback and has now become a permanent aspect of the service the foundation delivers. Throughout 2021 the foundation was able to deliver a virtual offer but there were ongoing restrictions in pace that resulted in the physical programmes continuing to be postponed.
High Tide continues to provide career resources via the online career hub (formerly learning hub) and has begun work on creating a wellbeing hub to provide support to young people in maintaining positive mental health and wellbeing throughout the current changes they face. The foundation has sought the contribution from experts in this field such as the headlight project, semester and key wellbeing.
## **FINANCIAL REVIEW**
It is the policy of the Foundation that unrestricted funds which have not been designed for a specific use should be maintained at a level equivalent to six months of necessary expenditure to ensure that all ongoing programmes can be completed. This equates to approximately £36,000. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
At the year end the unrestricted reserves were £138,959 and restricted reserves were £3,836.
Due to cancelled events in 2020 and 2021, it was agreed that Corporate Partnership agreements were carried over to 2022.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 May 2012.
The Foundation is governed by a Board of Trustees, who are also directors of the company. Under the requirements of the Memorandum of Association the power of appointing Trustees shall be reserved to PD Ports PLC and Casper Shipping Limited. In 2017 it was agreed to increase the number of trustees from 5 board members to 8 board members.
In September 2021 two new trustees, Paula McMahon and Neil Parker, were recruited to the board. Paula has a very impressive engineering background, and her skills and experience at delivering educational programmes to young people are incredibly valuable to the foundation. With Paula’s appointment to the board this also brings the percentage of females on our board to 42%. Neil has an extensive financial background and will support the general manager in managing the finances of High Tide. Neil has been involved in the foundation’s programmes over previous years and has a passion for inspiring young people across Tees Valley.
Trustees serve a term of office for 3 years and maybe re-appointed at the end of the term provided that Casper Shipping Limited and PD Ports PLC consent by mutual agreement to their re-appointment.
Page 1
**The High Tide Foundation**
## **Report of the Trustees**
## **for the Year Ended 31 December 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 08082272 (England and Wales)
**Registered Charity number** 1149992
**Registered office** Victoria Building Victoria Road Middlesbrough TS1 3AP
## **Trustees**
J M Hopkinson P J Wilson (resigned 10.06.21) P R Gibson (resigned 10.06.21) M Shakeshelf Ms J Bailey D MacDonald (resigned 04.01.22) M E Easby (Chair) Mrs K Donkin P Mamahin (appointed 20.09.21) N Parker (appointed 20.09.21)
## **Independent Examiner**
Anderson Barrowcliff LLP Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 31 August 2022 and signed on its behalf by:
M E Easby – Trustee
Page 2
## **Independent Examiner’s Report to the Trustees of The High Tide Foundation**
## **Independent examiner’s report to the trustees of The High Tide Foundation (‘the Company’)**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- 1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Dale Anderson Barrowcliff LLP Chartered Accountants 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX
Date: 5 September 2022
Page 3
## **The High Tide Foundation**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2021**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**65,095**
Other trading activities
3
**15,057**
Investment income
4
**48**
**Total**
**80,200**
**EXPENDITURE ON**
Raising funds
5
**675**
**Charitable activities**
6
Charitable activities
**57,853**
**Total**
**58,528**
**NET INCOME**
**21,672**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**117,287**
**TOTAL FUNDS CARRIED FORWARD**
**138,959**|Restricted
funds
£
**13,196**
**-**
**-**
**13,196**
**-**
**9,360**
**9,360**
**3,836**
**-**
**3,836**|**2021**
**Total**
**funds**
**£**
**78,291**
**15,057**
**48**
**93,396**
**675**
**67,213**
**67,888**
**25,508**
**117,287**
**142,795**|2020
Total
funds
£
73,618
22,308
147|
|---|---|---|---|
||||96,073
216
58,293|
||||58,509|
||||37,564
79,723|
||||117,287|
The notes form part of these financial statements
Page 4
**The High Tide Foundation**
## **Balance Sheet 31 December 2021**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
13
**1,140**
**CURRENT ASSETS**
Debtors
14
**15,160**
Cash at bank and in hand
**127,453**
**142,613**
**CREDITORS**
Amounts falling due within one year
15
**(4,794)**
**NET CURRENT ASSETS**
**137,819**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**138,959**
**NET ASSETS**
**138,959**
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**-**
**-**
**3,836**
**3,836**
**-**
**3,836**
**3,836**
**3,836**|**2021**
**Total**
**funds**
**£**
**1,140**
**15,160**
**131,289**
**146,449**
**(4,794)**
**141,655**
**142,795**
**142,795**
**138,959**
**3,836**
**142,795**|2020
Total
funds
£
105
23,289
97,284
120,573
(3,391)
117,182
117,287
117,287
117,287
-
117,287|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 August 2022 and were signed on its behalf by:
M E Easby - Trustee
The notes form part of these financial statements
Page 5
**The High Tide Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1. ACCOUNTING POLICIES**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
The charity is a private company, limited by guarantee and is a registered charity in England. The address of the registered office is given in the company information on page 1. The nature of the charitable company's operations and principal activities are shown in the Report of the Trustees.
The charitable company constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitable companies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to the accounts. The accounts are prepared in sterling rounded to the nearest £.
The charity currently has sufficient reserves to continue in operation. The Trustees therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
## **COMPANY STATUS**
The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## **INCOME**
Items of income are recognised and included in the accounts when all the following criteria are met:The charity have entitlement to the funds;
Any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity.
There is sufficient certainty that receipt of the income is considered probable; and The amount can be measured reliably.
The company received government grants in respect of the Small Business Grant Fund. These grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the company will comply with the conditions attached to them. The grants were received using the accrual model.
Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt id expected. If the amount is not known, the legacy is treated as a contingent asset.
## **EXPENDITURE**
All expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount can be measured reliably. Irrecoverable VAT is included in expenditure against the relevant cost for which the expenditure was incurred. Expenditure is classified under the following headings:-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs which can be directly allocated to activities and those costs of an indirect nature. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs. Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.
Page 6
Continued…
**The High Tide Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **1. ACCOUNTING POLICIES - continued**
## **FIXED ASSETS**
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Fixtures and fittings 5 years straight line Computer equipment 4 years straight line
## **TAXATION**
The charity is exempt from corporation tax on its charitable activities.
## **FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering the funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of the designated fund is set out in the notes to the financial statements.
## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **DEBTORS**
Trade and other debtors with no stated interest rate and receivable within one year are recognised at the transaction price.
## **CASH AT BANK**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **CREDITORS**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **FINANCIAL INSTRUMENTS**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 7
Continued…
**The High Tide Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
|**2.**
**DONATIONS AND LEGACIES**
**2021**
**£**
Donations
**28,328**
Brookfield
**49,963**
Small business grant fund
**-**
**78,291 **
**3.**
**OTHER TRADING ACTIVITIES**
**2021**
**£**
Other fundraising
**15,057 **
**4.**
**INVESTMENT INCOME**
**2021**
**£**
Deposit account interest
**48**
**5.**
**RAISING FUNDS**
**RAISING DONATIONS AND LEGACIES**
**2021**
**£**
Advertising and fundraising
**675**
**6.**
**CHARITABLE ACTIVITIES COSTS**
Direct
Support
Costs (see
costs (see
note 7)
note 8)
£
£
Charitable activities
**55,462 **
**11,751 **
**7.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
**2021**
**£**
Staff costs
**55,462**
Programme costs
**-**
**55,462 **|2020
£
15,701
47,917
10,000
73,618
2020
£
22,308
2020
£
147
2020
£
216
Totals
£
**67,213**
2020
£
36,322
521
36,843|
|---|---|
Page 8
Continued…
**The High Tide Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **8. SUPPORT COSTS**
|Management
£
Charitable activities
**10,033**|Governance
Finance
costs
£
£
**38**
**1,680**|Totals
£
**11,751 **|
|---|---|---|
Support costs, included in the above, are as follows:
## **MANAGEMENT**
||**MANAGEMENT**|||
|---|---|---|---|
|||**2021**|2020|
|||Charitable|Total|
|||activities|activities|
|||**£**|£|
||Rent|**184**|**5,537**|
||Insurance|**708**|**848**|
||Telephone|**1,020**|**1,790**|
||Advertising|**6,264**|**9,300**|
||Sundries|**502**|**313**|
||Subscriptions|**218**|**1,176**|
||Bookkeeping and payroll|**840**|**864**|
||Depreciation on fixtures and fittings|**297 **|**146**|
|||**10,033**|**19,974**|
||**FINANCE**|||
|||**2021**|2020|
|||Charitable|Total|
|||activities|activities|
|||**£**|£|
||Bank charges|**38**|**36**|
||**GOVERNANCE COSTS**|||
|||**2021**|2020|
|||Charitable|Total|
|||activities|activities|
|||**£**|£|
||Accountancy|**1,680**|**1,440**|
|**9.**|**FEES PAYABLE TO INDEPENDENT EXAMINER**|||
|||**2021**|2020|
|||**£**|£|
||Independent examination|**1,680**|1,400|
||Other fees|**840**|864|
|||**2,520**|2.304|
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **TRUSTEES' EXPENSES**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020
Page 9
Continued…
**The High Tide Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
|.
**11.**
**STAFF COSTS**
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Management and administration
No employees received emoluments in excess of £60,000.
**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
73,618
Other trading activities
22,308
Investment income
147
**Total**
96,073
**EXPENDITURE ON**
Raising funds
216
**Charitable activities**
Charitable activities
58,021
**Total**
58,237
**NET INCOME/(EXPENDITURE)**
37,836
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
79,451
**TOTAL FUNDS CARRIED FORWARD**
117,287|**2021**
**£**
**54,191**
**60**
**1,211**
**55,462 **
**2021**
**2**
Restricted
funds
£
-
-
-
-
-
272
272
(272)
272
-|2020
£
34,754
800
768
36,322
2020
2
Total
funds
£
73,618
22,308
147|
|---|---|---|
|||96,073
216
58,293|
|||58,509|
|||37,564
79,723|
|||117,287|
Page 10
Continued…
**The High Tide Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **13. TANGIBLE FIXED ASSETS**
|Fixtures
and
Computer
fittings
equipment
£
£
**COST**
At 1 January 2021
**281**
**1,814**
Additions
**-**
**1,332 **
At 31 December 2021
**281 **
**3,146**
**DEPRECIATION**
At 1 January 2021
**253**
**1,737**
Charge for year
**28**
**269**
At 31 December 2021
**281 **
**2,006**
**NET BOOK VALUE**
At 31 December 2021
**-**
**1,140**
At 31 December 2020
28
77
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2021**
**£**
Prepayments and accrued income
**15,160**
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2021**
**£**
Social security and other taxes
**1,712**
Other creditors
**430**
Accruals and deferred income
**2,652 **
**4,794 **|Totals
£
**2,095**
**1,332 **
**3,427**
**1,990**
**297 **
**2,287 **
**1,140**
105
2020
£
23,289
2020
£
1,228
171
1,992
3,391|
|---|---|
|||
Page 11
Continued…
**The High Tide Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021**
## **16. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Designated fund
**Restricted funds**
Trinity House
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Trinity House
**TOTAL FUNDS**|At 1.1.21
£
**112,119**
**5,168**
**117,287**
**-**
**117,287 **
Incoming
resources
£
**80,200**
**13,196**
**93,396**|Net
movement
At
in funds
31.12.21
£
£
**21,672**
**133,791**
**-**
**5,168**
**21,672**
**138,959**
**3,836**
**3,836**
**25,508**
**142,795**
Resources
Movement
expended
in funds
£
£
**(58,528)**
**21,672**
**(9,360)**
**3,836**
**(67,888) **
**25,508**|
|---|---|---|
The funds received from Trinity House were to cover the salary costs, transport and overheads to create and deliver virtual career experiences.
## **17. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2021.
Page 12
Continued…
**The High Tide Foundation**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2021**
||2021|2020|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|**28,328**|15,701|
|Brookfield|**49,963**|47,917|
|Small business grant fund|**-**|10,000|
||**78,291**|73,618|
|**Other trading activities**|||
|Other fundraising|**15,057**|22,308|
|**Investment income**|||
|Deposit account interest|**48**|147|
|**Total incoming resources**|**93,396**|96,073|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Advertising and fundraising|**675**|216|
|**Charitable activities**|||
|Wages|**54,191**|34,754|
|Social security|**60**|800|
|Pensions|**1,211**|768|
|Programme costs|**-**|521|
||**55,462**|36,843|
|**Support costs**|||
|**Management**|||
|Rent|**184**|5,537|
|Insurance|**708**|848|
|Telephone|**1,020**|1,790|
|Advertising|**6,264**|9,300|
|Sundries|**502**|313|
|Subscriptions|**218**|1,176|
|Bookkeeping and payroll|**840**|864|
|Fixtures and fittings depreciation|**28**|56|
|Computer equipment depreciation|**269**|90|
||**10,033**|19,974|
|**Finance**|||
|Bank charges|**38**|36|
|**Governance costs**|||
|Accountancy|**1,680**|1,440|
Page 13
Continued…
**The High Tide Foundation**
|Total resources expended
**Net income**|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2021**
2021
2020
£
£
**67,888**
58,509
**25,508**
37,564|
|---|---|
|||
This page does not form part of the statutory financial statements
Page 14