arity re8iStrntson nuDJber 1010903 Compw regi&lrationnumber02396145 {EngI￿d *Jd W¢s) THE THAMES EXPLORER TRUST ANNUALREPORT AND UNAUDTTED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 THE THAMES EXPLORER TRUST LEGALA1￿ ADThItNISTRATIVE INFORMATION Vateri¢Bolt Dave Bmwn (3rl¢ne Joimson JanetPeek James Wisdom Midjacl Woodmore Secretsry Slln¢m Clarke Chaity xumbtr 1010903 Comp*tty number 02396145 Emall iThfo@thaMes4ploTer.o￿uk W•bsite Téltpho 020 8742 (X)57 Rtgtstered offl¢• The PitrHou5C Corn¢y R￿h W&y Chiswick London W4 2UG Jndèp￿dtnt£XIIII1Der PKAvdit LLP I Parbhot Ridjmond TW9 2RD Banktrs CAF Bank￿d 25 Kin8sHIIIAv¢¥Jue K2nB$ hill We8t Mallin Ketjt ME194JQ THE THAMES EXPLORER TRUST CONTENTS P*g¢ Trust¢& report Itthpendem examin¢V5 TeFQrt Ststemettt offjn8llCtat ac¢ivittes B￿all¢¢ shcet Notes to th¢ fittatJciaJ thtrments 8-18 THE THAMES EXPLORER TRUST TRUSTEES, REPORT (INCLi]DING DIB£CTORS' REPORT} FOR THE YEAJt ENDED 31 h£4RCH2023 Thc trusw prts¢Trtthew8tW￿ wrtand fit￿[￿]91818teMents forth¢ ycarended 31 March 2023. The fitwicial statunthts httve been in urKorkn¢e with tht aceounting p)li¢ic3 to the fjnaft¢iO15tateD￿ntr alld ¢orupty with th¢ Comp￿1cS Act 2006 and"Ace￿nting and Reyting by Charitie5.' Ststement of RetotDm¢nded Pracrict applicybl¢ to charities preparitkg thEir accourtts in ￿￿rdance with the Fin*)¢1￿ R¢portin8 Standard appJicabl¢ in the UK #Dd Republic of Ireland (FRS 102) leffecttve l Jonuary 2019).. The Thajlles Explor¢r is sn innovat2v¢ Education￿ ¢i￿lty. its work is ovetseBn by Six ttiJs*es WIK), Hi¢)ng with our Director and Mawu, ensure thBtth¢ aims of the charity are fiJlfille& Over a 34-yw pEriod the charlty h85 ta￿t a div r05Mectiort of thlts and young Nple, deliverwg lessons and ¢vents about the rivcr's history. aT¢haeolo&vi geography artd biology. Our leaming pmgrgmm¢5 are Illta￿ed to promo* an und¢rstslldllJ8 of th¢ i55uts and th￿1¢￿&¢5 theThamu f2¢es ar eDgend¢rasttLqeofowtktship g*drngwllsibilty 8knutthefiJture ofth¢ river. The trijstees hAv¢ paid due reA￿d to 8uidantt lssueAI by the ChaTlty Commi&8ion bx d¢cidin8 what &tiviti¢s the charity shou]d Wc OF¢rate our pro8Tammes at nin¢ different weuues along the Thamc5 bth¥eeth Greemyith and Kew. Thcy are opm to 811, Tegardless of ethni¢ origi￿ reliwon. gcnder or (lisability. With the sid of spotuo]¥hip we hav¢ been able to rwi sn outreach prO￿llne helping u5 lo work with people who would not othen¥ise b¢ able to afford to visit us or would find it hBtd to tsavel to us. Our website and its resouTCCS are opttj to 811 mcmbtt5 of th¢ public as a fret service. In additio[4 we work with v•ri¢ty olotherriver-r¢Jatcd or8anitstton5. Forthe pRbllc b¢*tfiL Thames ExplDrer offtr8.' * river edu(a(ion programmes ftrr school4 adults and family groups training in rlverstudies forte&cheT4 sci￿oIS. te4¢h¢rtrainingstudents thd otheJ3 project worK sometim&8 ill pgrtncrship withoth¢r tr*)dies . ta]ks arrf conferell￿. sorneof which we Or￿1￿ oujselvtts COtx%ultsrw and advi¢eoTh riv¢Trrelated mattcr5 ande4LvÈronmen¢al ¢d￿￿10n 2022123 was the Ftrst financial yearfree from Covid r&8trictions, which for an organisation predOmi[￿￿lY based on f8ce-tO-face acttvities, had ts]￿lfiC￿nt Impact on our or8onisatiorL Sc]K)ts15 plan their ctirriculum a year in advanc4 80 we had aDti¢ip8ted asiow start with advertisin8 our presence a priority. We had made ￿lOW4￿CeS for thus in our budget bllt we were sutpris¢d to ste a healthy interest in taking part irl our 8w2vities. Interest continued to gTOW throughoui the year. which not olljy ￿lOwed us to fvjfjl our aims of en88WE people with the Thamtt% bul 8av¢ 5¢hools a m￿￿-needed opEx)rtunityto rtrenKtge with Ihc outdoors. a5 w¢ll a3 stsb1lis￿S ourffinances. Ftsxdiug Thank5 to the fjlnding w¢ received over th¢ pandemi¢ period wc w¢re irt a 8ood position to rttume our ￿tiVitie& Grart8 had lowed usto securethe ch￿ty,$ position through atsumberof meat%8.' Main￿ining0W reserv&s Dev¢lopmetLt of new PTO8rwnmes Development of nBW P8rtn¢rships Development of new fore$ho￿S to deliverouT Outdoorteaching De¥elopment pnd production of ncwt¢a¢knn8 equipro¢nt as well as refr¢shing outda*d equlpment An advertisin8 bud8elto reAch ourt3r8et audience Rdenlton ofskilled office steff ls well as rnany of otsr3killed free￿￿telS Recruibnettt 8t￿ training of new sta£r Providing grant subsidies for schoots iyho were sttll $￿g￿lng￿n1rtGl8l]Y THE THAMES EXPLORER TRUST TRUSTEES, REPORT aNCLUDtNG DIRECTORS, REPORJ) (CONTINUED) FOR fFrE YEAR ENDED 31 MARCH2023 Staff ThroughLlUt the p8rtd¢mi¢ pwiod we had M￿aged lo rets2n our three office 5tsff, esseDti81 for promotin& administ¢ring and in som¢ ¢ayes delivering our leami[￿ PJY)8rammek Addition8ilyJ lye tnatw to retsin most of otsr frc¢laftce tea]n with the excepiion of a t¢ach¢rs who had mTrv¢d out of knndDn. As the year pro8ressed, we ivere able to offer our t¢￿h￿S more work However. sevcrai of thc otganisalion5 who fortn part of our fr￿l￿ce teAthers' networi were forted to close. Consequenr]y. some mellLkr5 of staff l¢ft to seek b￿l-ll￿¢ employJncnL In ￿$poOSe we launthed a Fe¢Mittll¢ni drive. and Inanag￿ th seu]re Six new. skilled 8nd cnthusi&sti¢ teathcr5. These twv iea¢heES not only fi21fi11ed our exi5titLg needs bu¢ op¢ned up new pDssibiliiies for delLv¢rin8 leamin8 progrJmme$ for us. Itl light of the finallci￿ ¢limate, we anticip8te tha¢ re￿￿Ort will b¢ chailen8iD8 forthe next few y¢ars and aitn to have a regular I¢￿lUnertt revi¢w atthe b¢gitUJiD8 ofth¢ yur. in$urgn¢e poll Griffith ar￿ Arniour once Bgain supplied us with a cothp¢titiv¢ quote for the year ￿lOWing u$ ty wntitiue worknng norm￿lY whBrevertheepportunity arose. rr support FuDding covered th¢ daily matntÈD#nc¢ cost of our ￿Mputer and data backup sy5tan. This i5 ongoln8 unavoidable cosi which És vitaj to k¢¢pouro*8anisation rynnin Partner5itss Thames Explorer reliES on Sever￿ parthers to PTovid2 teaching r¢y)m$ across the ti¢Jai Thame5 in London. The has off¢¢ted almost 311 orggjjisatiots which we WOTk with, althots8h some proved more resilient than oth¢rs. The MwEum of London. a long-standing partner with superb leathing rooms, hxd t8ken the decision to reJo¢ate. This cJ05urc had the kno¢k-on ¢ffeci of prohibiting us from using rooms & th¢ MusethJ] of London Docklands. a]so a long-standing Partn￿. The London Mu8eum of Wat¢r and Stesm IBTenrford) with its hiS￿riC settin& was unable to open for rnorc than a few days a this year which has preveE)icd us from gelling backto norn)ai £apacity. W¢ arehowever very grateful for the limited use we were offered. Happily. other sites rem*in¢d rejarivejy un8ffe¢lcd by the pandemi4 including.. The Pser Hou8< Fu]hHm Pda¢4 Old Roya] Nav8J Coll¢gc. TrafalEar Rowing Club, and Hennitage Moorlngs.Additior￿I]y. th8nk5 to fvndinE we w¢rc able to d¢ve]op new parth¢rship4 including Linden Hotsse {HaMme￿￿1th) with a possKble strong parthership in the toming year With Hogtrth's H(y55¢ Ichiswick). This coming year will see us search for prospective pathers in central attd Fast London. Ple&se Je¢ b¢low for a full list of our part[￿hips. AcTIv￿lEs DURING THE YEARAPRIL1022 TO MRCH 2023 SehooL%> programm AS the yw wo8ressed, w¢ were able 10 s¢¢ th¢ conti1￿ WKi in some e¥e5 incrwed intu¢st itt le4min8 about the Ri Thatn¢5 and its relatiothip with the ¢nvironmcnt through (w Rivets and EnviroJJmentaJ Issues la key stsgt 21 pmgTgmm¢. Thi$ eith¢r be h&lf or fjjll day a[￿ wa5 hisioricaily P>p￿9￿ but bun¢ mort w thiq ye4r. We 8r¢ unsure why¥ but il mèy b¢ that people wpnted to experienc¢ the natll￿ environment after such a long Period of disconnertio￿ There ￿s0 a steRty 8tre4m of ¥chools exprt%$irJg an irtcrest in our for¢shor¢ archaeolo&v prowTnes, however. rnost of the interest in this ar¢a came from adults and f8milie5. Afier th¢ pandemic we were able Lo trgoslate another kcy pro8Tamme, JnvesiigatiD8 th¢ Thajnes (kndiilon￿lY run in London). to west IAJnthn. Thi5 has ￿TeadY proved wjwior, 8nd we tre looking kn exp4nd Éi 10 other sittts. All in all. this hL% been a vtty t*aithy startto a tent81iveyeBr. PLAfundinE PLA g¢n¢rously fimd#l our Fopul4r outreach prornme for amother year. This partncthp has been ru[￿Ing su¢ce5sfiJJly for a nvmb¢r of years. Th¢ prO￿8M1￿C itself tcach¢$ key sta8e tt¥o pupils a￿ul world Irth, the mle the Th8m¢s has played in ]ntkiDg London a major city, rivers in genBraJ1&s well as theTh8me81. 2nd aknu¢ th¢ work of the PLA in keeping t￿ Thames t￿lIng. D¢mand for this progrdmme irt pr¢vious years h¥ outstrspped supply. and lye ore looking forword to resumiThgffiJJl capxity ddivery witbinthey¢aT. Ku5llma futsdiDg KusLuna hL8 agreed to fiujd us for n¢xt yur, 8eL*r•￿lY svbsidisittK k¢y stsge 2 trips for 8ehDoJs ¢XperIL￿¢L[l￿ fm4ncial hardsiip. FIn2ncl￿ hardship can happen through l¥k of available fi¥Jds cither in the school OT through the PÈTeDts of the attending pupil& A5 thts h&8 pn)v¢d to ￿ a ]noK common Occurren￿ in today's financial ¢limate this 15 P8Jticularly ys¢fi¥l. Kuswna have 88r¢¢d to tund not only the trip but also cot¢h hi￿ which Gon k a majoT ¢xpcnsc for any 5ch0ol CEtditiOJL We l¢)ok forwaTd to w¢lcoming a new audience who may ry¢V￿ have had the Cha￿ to have visit or have eve ecn thtThameo b¢for THE THAMES EXPLORER TRUST TRUSTEES, REPORT (INCLUDING DJIlE￿ORs, iiEPORD (CONfINUED) FOR THE YE4R ENDED 31 h£4RCH2023 Aduh Il•mlly L**rniDg Vjsits to the Fore5howt Scheduled adult and fEmily Icarnin8 PTogr&mmes dlcd the F(￿￿tstepS of Mudlatks" have be￿me incre&%lngly p)puiar ilk the last ¢i8hi ye4Js. Participants come frotn aIl wrners of the 8lobE, gnd from m8rty backBround4 to leam alx)ut the Thames, th¢ history oltondo￿ th¢ si￿l£¢an¢t of th¢ art¢facts thty the moTrl and legal 3spxts of those artefvGts Bnd sofety on the foreshore. We havc striven hard to wrt ￿rosS our etlutai polioj of non-remtsv4J of artefacts from the for¢5hore and during the year met with the Thames I)iwv¢ry Project with the jim of encour&gin8 thcm to adopt t1￿$ p)li¢y. We plants) fijrthtr deve]op thi$ policy by ¢ttatitLg our own r¢eoTrliTr8 procE55, enabling w 5iguificant fmd8 to bE Tcwrdtd by us, and reported by thc finthrto the PortableAnttquities Sch¢m& Wethsnk ail our pHrtiG2Fqnts for 8dhetittgto thi5 policy. Surplus frotrj thEs¢ Wtiviti go&8 inio the day-t4)4ay runtting of the chartty. FINANCIALREVIEW During the peri(Kl. we rt¢eived a totsl inwmc of £229.945 120U.. £185.808I Totsl cxpemditure of the th PTO8Tgmmes atLd fillKi wsing activities amounted lo £188268 12022.. £168,010. The net incortte f¢r the was £39,025 (2022: £20.837) thr net gains inv¢5tmu￿ Ttst￿ filljds totall¢d £151371 at 31 ma￿tI2023 (2022: £113 J46). RtteryesPollry It is th¢ wlicy of the Gtwity that uttrestricted fi]nd5 which have not bE¢n designwed for aspeclfic use should be mgint&ined at level equivalejjt 10 betw¢¢n three- and six-rnonlh's expendittste. Th¢ trustees ¢onsiderthat rc5erve5 at this level will ensuretha¢ in the event of a siDific4nt drop in funditw they will be able to ¢ontinue the ¢baTity's ¢¥r￿nt ￿tIVIti&l while consid¥r8tion is given to i¥ay$ in whi¢J) additional fut￿ may be ￿iSed nus level of reserves Iw b¢cn M￿￿te1ned thrpughout th¢ y￿. The twstetts have asge55ed the mèior risk5 to which the thority is exposed 8nd art Satk4fied that systems are in plact to mÉts8ate exp)sure to th¢maiorrisk& srRUCTURX, GOVERNANCEAND MANAGEME￿￿ The thllrity is a company limited by guarantee a[￿ govtmed by the mernorandum of 8rti¢lts of Lssociatton. It is 8]so Te8ister with thechwity Commi83iofL The mtstees. who are 8150the directots for the puryose of comr￿nY LHW. The truste4 who ar¢ ￿s0 the diYector5 for the puyrrf15r of company law. *d wly) S￿￿ed duritig the year up to th¢ (late of ssgnabJTeofthefinanciai statetyxettts w Valerie Bott Duv¢ Brown M8rlene John>)n Jwjet Peek Jame5 Wisdom Michael Woodmore Th¢ Trust endeavouTS to reiaitt Its Trustees amd Ihereby bring Stability to the organi¥ation. N¢w T￿￿te¢S are aPPDillted by thB t()ard &% when the L￿d arises and are recrt3iled through adv¢rti5ement. The IK)ard follow5 an interriew and review PTooe¥ where e4ndidaies ￿¢ assessed for usthl skill sets and appD)nt￿ accordingty. None Of th¢TNste¢s ht¥ any benefJ¢igJ interest in the wmpany. All of the Trustets aT¢ members of the wmpoDy and guara to Contri￿1¢ £1 in the evertt of a winding up. ## **THE THAMES EXPLORER TRUST** ## **TRUSTEES' REPORT (INCLUDING DmECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ **The Board ofTn.,stees has delegated the day to day running to the Trust Director and his team.** **Staff Simon Clarke, Trust Director Heather Hyams, Trust Administrator/ Acting Manager Sam Mills, Project Managerffrust Officer Freelance Teachers Alice Dawes Andy Hawkins Brenna Boyle Christine Webb Elaine Standish Gemma Hindi Jess Rosenfield Jo-Anne Sunderland Bowe Kate Ca,seley Klementyna Pomazanska Laura Shawyer Louisa Roscoe Marilyn Greene Monica Steinharter Navindh Baburam Neil Clarke Vanessa Bunton** **The trustees' report was approved by the Board of Trustees.** **James Wisdom Chairman Date: 12.12.23** **-4-** E THAMES EXPLORER TRUST INDEPENDE￿ EXAMINER'S REPOI TO THE TRUSTEES OFTHE THAMES EXPLORER TRusr Rospoll¥ibilities A•d buil of Teport As the tnwes of the charity (attd 8J$D Its dweetors for the Of compw law) you &e RyJnNbLe frf the pr¢por8tionof the fitthn¢id stst￿n¢￿ts itl with the tequir¢ments of thr Compui¢sArt2￿6{the2((fjAUN Act attd are eliKtble fv i)yJe￿ ex*niMiifrt4 I reNJrt itt rewa of my examin*ion of the chwity's finvj #tsteLttertts tarri￿ seLXion 145 of th¢ Clwili<8 Aa 2011 (tht 2011 Ad). In c8nyitig out my exaMin￿n I hav¢ folb)w￿ all th¢ Nppli¢*hDirtdion5 wffjby th¢ awity c￿n￿lS510n g¢¢¢ion 1451SXi)) ofthe 2011 ACL IbdeptndeDt eLqmlDtr'# It•temeDt I hNve completed my ¢xuminotiorL l onfLrnI no rnatt¢rs hav¢ ¢om¢ to my w¢ntlon In cont￿li￿ti with the giving m¢ c•uJ¢to Wievethat in qny Mllthri￿ reJpecL' xcountiJ)B rttords wue rhji kept in respect ofthech¥ity asTe4wuedby sxlionJ86oftkX&SK' ot the fin4nBial r¥)la￿rd with tt¥M¢ re¢tyd&' or the fi￿￿18] *atemtt)ts r¥)L compty with the rti4llirwnents of #ttaion 396 of thc 2C#J6 A¢t oth¢r y T4uir¢m¢nt th•t th¢ ¥tOUDts giv¢ 4 tsue $￿1 fair view which Is Mt a matter co￿ldered u wl of an the fuw¢iai sty¢ments have rtot beth prep8red In aceordartce wsth the metkndB and principles of ¢he Stst¢m¢n¢ of R￿Tr￿¢￿ded Pra#ic¢ for accounting and reporting by charitie5 applicHble to GILaritie$ przpaTillg their aceounts ID rdanc¢ with thi FIrW￿l11 RepDrting sI￿d1rd ippli¢abk intheUK •nd Republl¢of Jth (FRS 102 I hAv¢ no w[￿¢m5 and h&ve come aeross no ether motters in Cor￿teti0rt with the examinuion to which **rfion sknuld b¢ Lts8wn in thi5 W its ord¥ to ethle the fits&￿1&i swemeats tobe rexhuL knie l*eFCA ICAEW PKA￿All LLP I Parklhot Rl¢hmoTrJ rw9 2BD THE THAMES EXPLORER TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITifRE AccouNr FOR THE FEAR ENDED 31 h£4RCH2023 T•tsi Uort4tridd Restritttd fMlld¥ futsdi 1022 2021 f¥Ddi 2023 tMnd5 2023 2023 2022 Not Voluntsry inco0¢ CharitabJex¢ivili¢s Inv¥trThents 130 170,896 919 51.1 58,130 170,896 919 3.654 108.208 1.049 72,897 7A551 108.208 1.049 Totsl im¢om¢ 171.945 Sloc 229,945 71897 185,808 Costof thitsbl¢ xtiviti¢5 156J75 31.893 181268 85321 81795 168.016 Nei gaitul{ios8eal on (1652) 652) 3N5 3.045 Gr058transf¢rn betsvttn fiJn& Not movement l# *knds 42J)7 73242 (425OT) (52.405) 12.918 26.107 39.￿5 20.837 bfiJane¢s #t l April 2022 95,090 18.256 113,346 21.848 70,661 92.509 2023 IO8.rJ 44J63 152J71 95.IMI 18256 113,346 Th¢ stst¢[n￿I offio8ry¢id ¥ttvities ittcl*les all Rains aTrJ 1058es recfjgni￿ iThtsyev. The 518lement of firwwiaj ￿lIVItiED4ial Activities (SOFA) when ￿e1Vabl* Th¢ vzjue of $ervices provided by volut)teeLY has ftot been inclu&& Lt) Jno)MLrtgT￿0urcCS from schoJl visits and 5alcof materi8] Thes¢ aT¢ incjuded in SOFAwh¢n retttvabl& iii) Investment incom¢ Thtse are in¢lUd￿ in SOFAwhen receivoblc. LV) Gr¥J)t Ineome Grant income 1$ TXO￿listd when the ¢haTity 15 Icgaily entltled 10 it aftcr any t*rfotwatLce condith)tis hav¢ tttrf th¢ amouttts tatL be m¢asuredreiiably. And it l5 pmbablethat ittti)n¢will be receiv¢ THE THAMES EXPLORER TRUST NOTES TO THK FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 hlARCH2023 (C••tIM￿) IJ Eypeudit￿t EXp￿dI￿J[e isYeeo8nis•l McetPtte 18 & le8al ortc￿1r￿¢iVÈ0b[I8titIrjn to ttwJsfrr¢¢wmiB bcn¢fiLto athird rArty, It 1$ probable that a transfer of ethnomlc bt￿Nts will be in settlem¢nL th¢ arnouDt of th¢ obliytion can rneawr￿ re]iably. Bxp¢nditUT¢ is ¢la55ifLed by activity. The t05ts of each a￿lyity &re made up of the totsl of direct costs and $haTed eo including suptM)rt costs involvd in undertaklng each activity. Direct o)sts a¢trlbu¢abl¢ ￿ 4 sirtEl¢ •divity or¢ 3lio*ed directly lo th& activity. ShAred costs which t1)ntri￿re to more thDTh one activty and Juppjrt costs which are Trjt •llrlbu¢8bl¢ to a 5ingic ￿tIvIty aw¢ apportioned ktween th08t xtivities on a b￿lS consistent with of rwutt Ccnty415taff w5ts are ￿lOCated on the of tlme sp￿¢ 8t¥J dep￿IllIon all(￿￿ed on the PXtiLM ofthe *¢tivity. IA T**iibl¢ r￿ed as8 T•n8ible frKed Initi￿lY me*surtd •t WSt •hd 5uiwutAiy me&%utrA at cmt or Valuatio￿ net of depTecithon tkpreciaiion i* reco￿￿1 to WTlt¢off the ¢oJt or vthw¢ionof aJs¢ts lesJtheiT ruidu•S vdu¢s OV￿￿￿1T liv¢s on th¢ following ba5f5'. Plarbt and equipmeni FSsh t•)k 25%wJuthn8 b8Jance IAsis 25% r¢du¢ing ￿anC* tq5iS 1.7 ITh￿1r￿t of *sKts At eAth rEFKITting a d< thr ¢hwity mitw$ the carrying amounf5 of its tHnKible tssets to ¢ktemJin¢ whether there is ithJitAtK)rt that •$5ets hlve suffertd an impBitrncnt10s& If any suth indictttioth exSsts. the rtcoverable amount of 1$ ¢stithated inord¢r ￿ d¢t¢miin¢ tho ¢xt¢n¢ of the lmpirnientlo￿ Of w). IA CA$h And u8h equlvghnts C&*h and ttth equivajents include e•sh Ih W. de￿Ilt$ held * tall with b** liwd iJMstments wlthorigln8] matijrities of thrte mond* or leu. IJ FIMath¢l*l Thr thvffity h•s eled￿ to ¥ply the proYi¥ioThs of Scdion il 'B&¥ic F1nffj¢l￿ InMrw¢th' Stttkn 12 '(thr Fin￿¢1￿1 In*U￿ Issjts. of FRS 102 lo of ity ftnanCI￿ in*DJ Dviwn3ofth¢ Fi[w￿l•l #nd liabilitiu NTC offs< with nrt Nmounts w¢s￿t¢d in th¢ finNn¢1￿ styitmthts. whett there i8 a I￿lY ¢nfor¢thl¢ rsghtto s¢t off th¢ re<*8niKd •Jnounts and th¢r¢ 15 an ittsntion to arttl•on all￿ btsslsor ￿ real￿the •SSrt #to $ett]a the lid)ility Sim￿1¢1)￿0V5Iy. Basi¢ finanG2ai a55cts, whi¢h I￿]￿de d¢btDTS Ind rath bHnk bJl8DC4 41¢ initiw me•Mttd price i￿ludIng1r0t1$aC¢1On eost& THE THAMES EXPLORER TRUST NOTES TO THE FINANCIAL STATEMEIYTS (CONTINUED) FOR THE YE4R EIVDED 31 h£4RCH2023 AecountitiE policiis {Continuedl Btsic financial liabiliiies. uJ¢ludin8 cr¢diroTS ar¢ llJitia]ly reCogni￿d at lyans2etiOD price. Trwje creditors are obligations to pay for 8￿&5 OT scrviccs that have ￿[1 acquired i* thr ordinwy cours¢ of oper21iofts from suppJiers.Arnounts payable ate ejwified as cwrent liabiliti¢S if payment i¥ du¢ within ojjeyearor I￿5. 1.10 Employee benefits The COSLof any unused holiday entitlcment 1$ Tec¥)8Di5ed in the perlod in which the ¢mployte's services received. Tennination benefits w¢ reco￿ls¢d llnmedi4trIy as exptnse when th¢ chaTity 15 d¢mo￿trablY rommitted to tenninat¢ the employment of an employee orto provide ierminètlon b¢ncfi 1.11 Retir¢meDt btttofits PaY￿Kn[SI0 dcfined Contribution rrfiruLent benefit$th¢m¢8 as expe]]$F as tly fail dtjtt. TUE THAMES EXPLORER TRUST NOTESTOThE FllNANCIALStATrtMENTS ICOIfflNVED) FOR THE TrEAA ENJJED31MAROJ2023 fvn r¥nth hqds 2011 JJ 3.651 *654 n89? Ji.th) 197 J30 siotyj siJ30 3.6M 197 7CSSI THE THAMES EXPLORER TRUST NOTES TO THE FINANCIAL STATEMEY4TS {cONTIr￿D) FOR THE YEAR ENDED 31 MARCH2023 Ch&ritllblt activities 1023 2022 S¢hty)I y￿lts, footsteps ot mutharks andprivak parties 170,896 101208 lllYLstmeDts UDftstrÉC￿a UDrnStrlthd d$ runds 2023 2022 Intcre5¢ and diVida￿ rttcived 892 27 1,049 In￿reSt receivable 919 1.049 12- THE THAMES EXPLORER TRUST NOTES TO THE FINANCIAL STATEMENTS (coiYfINUED) FOR THE YE4R ENDED 31 MARCH2023 C•st of th*ritabl¢ •etiwitltB 202J 21U2 S18ff costs Depreciation arv] impairment S¢hrKJl visits Otrjce suppliE5 InsuTancc Rent m1sce118ll￿ts5 Freela￿¢ project stsff eo¥ts Bad debt Web Costs Advertjsing 87.129 .262 38.922 3,918 1.862 3.200 5.457 27.267 71.153 1,467 18.582 5.187 1,392 3,394 3.652 19,481 220 io.no 676 5,542 461 175.020 135,924 Shar¢of support cr&sts {5e¢note61 Shoreof 8ov¢rrwLce costs Istt 61 2.196 11.052 24,472 7.620 188268 168,016 Aknatysis by Tund 156,375 31.893 85,221 82,795 Ke5trictcd ftmds 188,268 168.016 Support