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2023-12-31-accounts

Thames Festival Trust Trustee Report For the year ended 31 December 2023

Registered No: 03577462

Charity No: 1074794

THAMES FESTIVAL TRUST (A COMPANY LIMITED BY GUARANTEE)

UNAUDITED REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Thames Festival Trust Trustee Report For the year ended 31 December 2023

Index to the Financial Statements

Contents Page
Legal and Administrative Information 1
Report ofthe Trustees 2-7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Statement ofCharity Cash Flow 11
NotestotheFinancialStatements 12-21

Thames Festival Trust Trustee Report For the year ended 31 December 2023

Charity Reference and Administrative Details

Trustees

Stephen Warrington (Chair) Andrew Cooke Henry Fajemirokun Alistair Gale (resigned 5 December 2023) Angel Gavieiro (appointed 23 January 2023) Helga Henry (resigned 20 March 2023) Sue Hughes (resigned 20 March 2023) Chris Livett (resigned 20 June 2023} Rosanna Machado Amar Qureshi Kate Sandars (appointed 23 January 2023) Olga Stanojlovic Pete Stephens (Treasurer) Sandra Dawe (appointed 1 October 2023) Raj Kehal (appointed 1 March 2024)

Company Secretary Adrian Evans Chief Executive Officer Adrian Evans Charity Registration Number 1074794 Company Number 03577462 Independent Examiner Kevin Fisher Myrus Smith Chartered Accountants Norman House 8 Burnell Road Sutton Surrey SM1 4BW Bankers Lloyds Bank Pic City Branch PO Box 72, Bailey Drive Gillingham Business Park Kent ME8 OLS

Registered Office 7 Bell Yard, London WC2A 2JR

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Thames Festival Trust Trustee Report For the year ended 31 December 2023

TRUSTEE STATEMENT Thames Festival Trust provides public benefit through river-related, curriculum-enriching education programmes; social wellbeing projects; activities which respect and preserve rivers; riverfront community heritage; and a month-long festival season of river and river-linked events. Its work takes place in London, in multiple locations around the UK and overseas. Extensive opportunities are offered by the Trust to engage schools and communities in areas of low arts provision.

The Trustees consider that the Trust meets the public benefit requirements for a charity as set out by the Charity Commission. The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties.

The Board of Trustees submit their report and financial statements for the year ended 31 December 2023.

THAMES FESTIVAL TRUST

Running like arteries through the heart of our communities, rivers are sources of inspiration, joy and delight. Thames Festival Trust's focus is on engaging a wide public in art, heritage, education, environmental and well-being programmes that reveal our rivers’ rich natural environment, share their unique history and heritage, respect their vibrant economy, and celebrate the diverse connections they make for us with the wider world.

The connection we have with our natural environment and with each other is perhaps more important now than it has ever been - we aim fo help connect people with themselves, each other, and the environment. Our vision is for rivers in cities to be recognised as outstanding urban space platforms for arts, culture, and heritage, accessible to all and enjoyed by all.

WHAT THE TRUST DOES

THE IMPACT THE TRUST ACHIEVES

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Thames Festival Trust Trustee Report For the year ended 31 December 2023

THE TRUST’S BELIEFS AND VALUES

THE TRUST’S ACTIVITIES IN 2023

TOTALLY THAMES

Totally Thames is a month-long season of river and river-related events. It takes place throughout September in Greater London on and around the River Thames between Hampton Court Bridge and the Dartford Crossing. The Trust's website is the principal means used to promote the events programmed as part of Totally Thames and most of these events are provided free to the public. Activities are wide ranging. They include river races and regattas, discovery walks and talks, art installations and exhibitions, performances and concerts, community events and festivals.

The Trust seeks to engage river users, river businesses and charities with a river interest and/or focus in Totally Thames, either as audience and/or as active partners or participants. The principal artistic commission for Totally Thames 2023 was The Saltley Geyser by the installation artist David Cotterrell. This was situated in the Royal Docks. The Trust's education and public engagement programmes had their public-facing outputs as part of Totally Thames 2023. Outputs from the Trust's heritage and education programmes are also presented within the Totally Thames programme. However, most Totally Thames’ activities are selected via an Open Call system. This is widely advertised, and inclusion in the Totally Thames programme is available to event organisers at no cost. Projects submitted to the Trust for consideration are then selected based on their river relevance, their quality, and the likelihood that they will be successfully implemented.

The Trust organises and presents an annual photo competition called Thames Lens. This is a year-round initiative which is launched annually in the Spring. The competition seeks to engage a wide constituency of nonprofessional photographers with special prizes for young people. The best of the images submitted are exhibited in an online gallery and provide a rich resource for sharing on social media platforms thereby extending the Trust's mission to reach new and diverse audiences.

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Thames Festival Trust Trustee Report For the year ended 31 December 2023

HERITAGE

The Trust focuses its heritage endeavours on the River Thames’ intangible heritage. In the past, projects have included the history and current practice of living afloat in London’s residential moorings; the history of Doggett’s Coat and Badge (the oldest continuously competed rowing race in the world); the demise of London’s inner-city boatyards; and the practice of mudlarking on the Thames. Recent projects have had a local geographic focus: the history of Barking Creek, the history of Silvertown and North Woolwich. In 2023, we completed a heritage programme titled ‘London’s Lost Village’, which examined the community and industrial heritage of the Lower Leamouth peninsula: Trinity Buoy Wharf, Orchard Place, the East India Docks, and City Island.

The Trust's heritage projects are always delivered in partnership with an established heritage partner (Newham Archive & Local Studies Library in 2023). The projects include recording and preserving new heritage assets (often oral history testimonies) which are then accessioned into our heritage partner's publicly accessible archive. Our 2023 project engaged young people from the NewVic, Newham’s Sixth Form College, and children from the Farraday Primary School. It also provided a team of volunteers with transferable heritage skills. We conducted online reminiscence sessions and public walks and talks, engaging members of the public with an interest in our heritage subject area. The short films and recorded interviews produced as part of the project provide online content to extend the project's temporal and geographic reach. All of these project assets are freely available on the Trust's website and are provided at no cost to members of the public.

EDUCATION & ENGAGEMENT

Education & Engagement forms the largest part of the Trust’s portfolio of activities. Its flagship education programme is called River of Hope. This is applied in bespoke formats, in both primary and secondary schools, and is designed to complement curriculum teaching. Its objectives are to encourage by inspirational example, greater use of the arts as educational tools at primary level; and at secondary level, to encourage more students to take creative subjects beyond GCSE. The project uses a blended mix of online teaching assets and miniresidencies by professional artists in schools. The school’s local river is used as a thematic material and artwork is created interpreting environmental topics.

In 2023, River of Hope was applied in 5 secondary schools in Leeds with work produced exhibited on Smeaton Island as part of the Leeds23 Festival. A short film was also produced which was screened in the city and now sits on the Trust's website.

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Thames Festival Trust Trustee Report For the year ended 31 December 2023

THE TRUST’S FINANCIAL REVIEW 2023

RESERVE POSITION

The Trust has ended 2023 in a financial position which provides a strong base to continue its vision and mission across all three strands of its charitable activities in 2024 and beyond.

The Trust holds unrestricted reserves to ensure that it is able to develop and support its charitable aims and programmes and to meet any reasonably foreseeable contingency. At the end of 2023 The Trust had unrestricted reserves of £349,005 of which £1,995 is held in Fixed Assets and a further £105,103 has been set aside by Trustees under its Reserve Policy. The remaining £241,907 is budgeted as support to develop and enhance our programmes and continue to invest in fundraising in 2024 and 2025. In addition to unrestricted reserves the Trusts also has restricted reserves of £320,315 to cover specific educational and heritage projects.

In anticipation of sustained cost inflation pressures, the Trust took steps to reduce expenses without materially affecting its programmes. Deploying more of the Trust's funds into interest-yielding accounts has been beneficial. The increase in restricted reserves principally relates to donations made in 2022 by The Platinum Jubilee Pageant Foundation to provide legacy for projects initiated during the Jubilee year.

FUNDING IN 2023 AND BEYOND

The Trust is conscious of the increased competition within its sector to raise charitable funds. It is focused on maintaining and developing links with its core funders and growing new opportunities to diversify its funding mix, thereby becoming more resilient in future years.

A significant number of partners and funders have confirmed financial support for the Trust's 2023-25 programme including: the Paul Hamlyn Foundation, The Port of London Authority, British Council, the Platinum Jubilee Pageant Foundation, National Lottery Heritage Fund, Foyle Foundation and Garfield Weston Foundation. Partner support has also been confirmed with festivals, events, and strategic initiatives over the 2023-25 period.

In late 2022, the Trust was informed that it was unsuccessful in its bid to renew its Arts Council England National Portfolio Organisation (NPO) status over the 2023 to 25 period. Following this decision, a Sub-Committee of the Trust was established whose remit was to develop a suitable plan of action. Following consultation with staff and other trustees this was articulated in a strategy titled, Transitioning to a refreshed organisational business model. This was adopted unanimously by Trustees at a special board meeting on 23 January 2023. This strategy formed the basis of a successful bid to Arts Council England’s Transition Funding, the key actions of which were (a) to close the Trust's office base,(b) to make the role of Head of Operations, Finance & Administration redundant and (c) to appoint appropriate consultancies to ensure the Trust’s operational resilience and to increase fundraising capacity. Transition Funding also allowed the delivery of planned cultural activities.

In 2023, the Trust approved a new 3-year business plan and appointed a fundraising consultancy to focus on new funding initiatives. The closure of the office base and the role redundancy goes a significant way to compensating for lost Arts Council NPO income.

RESERVE POLICY AND GOING CONCERN

At the year end, the Trust had £349,005 of unrestricted reserves and £320,315 of restricted reserves. These reserves provide good reason to conclude that the Trust will be able to maintain all of its planned activities and meet all of its obligations through 2024 and beyond into 2025, even in the absence of anticipated new fundraising.

The Trust's reserve policy aims to maintain reserves equal to four months of operational costs plus redundancy liabilities, and expenses incurred in the event of winding-up the Trust, (currently £105,103}.

Unrestricted reserves over and above this target figure are used at the discretion of the trustees to cover shortfalls in income targets and/or additional expenditure required to achieve the Trust’s agreed outcomes.

The Trust adheres to best practice financial procedures. The Trust's Finance Committee works closely with the Executive Team to ensure that sound financial management processes are in place and observed, including the development of detailed monthly management accounts, cash flows and the development of regular financial projections based on forward planning scenarios.

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Thames Festival Trust Trustee Report For the year ended 31 December 2023

The Trustees and the Executive Team work together to ensure the Trust is managed effectively and efficiently. The Trustees are aware of their responsibilities in ensuring that the Trust remains a strong and stable going concern, and that it can continue to deliver on its mission and improve the experience of its beneficiaries for years to come.

In the years 2024 and 2025, as it endeavours to raise additional funds to replace lost Arts Council NPO funding, the Trustees envisage supporting the organisation by strategic use of its organisational reserves. The Trust will always maintain sufficient reserves to meet and exceed its minimum reserve policy level.

STRUCTURE, GOVERNANCE AND MANAGEMENT The Thames Festival Trust was incorporated in June 1998 as a company limited by guarantee and was registered as a charity in March 1999 (registration number: 1074794). The powers and limits of the Trust are set out in its Articles and Memorandum of Association as amended on 5 June 1998, 5 February 2019 and 21 November 2023.

Members of the Company can only be appointed by the agreement of the Executive Committee (the Trustees). No person or body has a right to be a member. New members are invited to join the Trust e to expand the pool of experience of the members and/or to bring fresh insight. This is entirely at the discretion of the Executive Committee. Members can be either individual members or corporate members. Corporate members are allowed to nominate a representative who can vote at the General Meeting of the company. The members elect the Executive Committee (the Trustees). The Trustees have the right to appoint and suspend members.

New Trustees are inducted into the business of the Trust through meetings with staff and other Trustees. This process includes the assessment of the training needs of new Trustees, and suitable training is arranged or provided by the staff. Decisions are made by meetings of the Trustees which occur throughout the year. The Trust employs a number of full-time members of staff including a Director, as well as part-time staff. A number of consultants are recruited on a freelance basis and other staff are employed on fixed term contracts. The Director is responsible to the Board of Trustees.

The Trust makes use of volunteers and takes on work placements and/or internships within the organising teams and provides appropriate training and support for these personnel.

RISK MANAGEMENT

Overall risk management is undertaken by the Trustees with detailed financial risk management and oversight undertaken by the Finance Sub-Committee with the executive team.

The Trustees consider potential risks to the Trust when agreeing the annual budget and programme of events. The Trustees receive regular reports on confirmed income and only allow the full programme to go ahead when sufficient funding is in place.

The Board of Trustees has delegated detailed consideration of the budgets and issues of employment to a Finance Sub-Committee. Meetings of the Finance Sub-Committee are held prior to each main trustees’ meeting to review all financial and employment matters and makes presentations to the Board for their approval. The Sub-Committee is permitted to approve expenditure within the agreed budget limits but must seek approval from the Board of Trustees for any variation to the overall budget target. The Treasurer has responsibility to ensure that advice on financial management and all matters relating to VAT and taxation is taken when necessary.

The Director authorises all invoices for payment of budgeted expenditure under £4,000 by the Trust. One trustee must authorise all individual payments issued by the Trust over £4,000. Day to day management of the Trust is delegated to the Director who appoints staff to agreed permanent and temporary positions including managers for specific events and activities on appropriate contractual arrangements. Those managers are delegated to appoint artists and other workers for the event or activity for which they are responsible.

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Thames Festival Trust Trustee Report For the year ended 31 December 2023

The Director draws up budgets and present these to the Finance Sub-Committee for their approval. The Director also recommends the Trust's programme of activities and the organisational structure to deliver these activities. Both the programme of activities and these structures are subject to approval by the Board of Trustees.

The Trust ensures that any major public event delivered is planned in co-ordination with the relevant statutory authorities to ensure that risks are identified and managed. Specific issues arising are reported to the Trustees.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of Thames Festival Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

SMALL COMPANY EXCEPTIONS

In the preparation of these financial statements, the Trust has relied upon exemptions made available to small companies. The Trust confirms that these financial statements comply with current statutory requirements, with the Trust's governing documents and with the requirements of the Statement of Recommended Practice (SORP 2019 FRS102).

By Order of the Board on

18 June 2024

Adrian Evans Company Secretary

;

Thames Festival Trust For the year ended 31 December 2023

Independent Examiner’s Report to the Members of Thames Festival Trust

| report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 9 to 21.

Responsibilities and basis of report

As the charity 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, | report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the ICAEW, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  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

  2. 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

  3. 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).

| 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.

Signed: Meus Sith

Dated: 20 June 2024

Myrus Smith Norman House 8 Burnell Road Sutton Surrey SM1 4BW

8

Thames Festival Trust For the year ended 31 December 2023

Statement of Financial Activities {Including Income and Expenditure Account) For the year ended 31 December 2023

: Notes Restricted Unrestricted Total Total
2023 2023 2023 2022
£ £ £ £
Income from
Donations and legacies 3 480,214 96,069 576,283 514,579
Charitable activities 4 22,520 939 23,459 213,684
Investments - 5,239 5,239 200
Total Income 502,734 102,247 604,981 728,463
Expenditure on
Raising funds 5 23,904 59,683 83,587 51,047
Charitable activities 6 268,379 103,986 372,365 509,522
Total Expenditure 292 283 163,669 455,952 560,569
Net (Deficit)
/Surplus before transfers		 210,451 (61,422) 149,029 167,894
Transfers - - - -
Net Surplus / (Deficit) 210,451 (61,422) 149,029 167,894
Total funds brought forward 109,864 410,427 520,291 352,397
TotalFundscarriedforward 16 £320,315 £349,005 £669,320 £520,291

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The notes on pages 12 to 22 form part of these financial statements.

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Thames Festival Trust For the year ended 31 December 2023

Balance Sheet

Registered No: 03577462
Notes 31 December2023 31 December 2022
Fixed Assets £ E £ £
Tangible assets 11 1,995 3,910
Current Assets
Debtors
Cash at bank and in hand		 12 21,313
680,321		 72,202
581,299
701,634 653,501
Creditors, amounts falling
due within one year 13 34,309 137,120
667,325 516,381
Net CurrentAssets £669,320 £520,291
Reserves
Funds 16
Unrestricted
Restricted		 349,005
320,315		 . 410,427
109,864
£669,320 £520,291

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006; and

The directors acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

These financial statements were approved by the Board on 18 June 2024 and are signed on their behalf by

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STEPHEN WARRINGTON, CHAIR PETER STEPHENS, TREASURER
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STEPHEN WARRINGTON, CHAIR

The notes on pages 12 to 22 form part of these financial statements

10

Thames Festival Trust For the year ended 31 December 2023

Statement of Charity Cash Flow

Notes 31 December 2023 31 December 2022
£ E £ £
Cash flows from operating activities
Netcash provided by operating activities 18 93,783 255,687
Cash flows from investing activities
Dividends and interest from
investments and bank 5,239 200
Net
cash
provided
by		 investing
activities 5,239 200
Change in cash and cash equivalents in
the reporting period 99,022 255,887
Cash
and
cash
equivalents		 at the
beginning of reporting period 581,299 326,412
Cash and cash equivalents at the end
ofthe reporting period 680,321 581,299
Cashatbankandinhand 680,321 581,299

11

Thames Festival Trust For the year ended 31 December 2023

  1. Principal Accounting Policies

Notes to the Financial Statements

(a) Company Status

The company is limited by guarantee and has no share capital. The company is incorporated in England & Wales. The directors of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The address of the registered office is given on page 1 of these financial statements. The nature of the charity’s operations and principal activities are explained in the Trustees Report.

(b) Basis of Preparation

The charity 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency and have been rounded to the nearest pound.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

{c)

Going Concern

The Trustees have prepared detailed budgets and forecasts and on review of these consider that it is appropriate for the financial statement to be prepared on a going concern basis which assume that the Charity will continue to exist for a period of at least twelve months from the date the Trustees report is signed.

(d} Incoming Resources

Incoming resources represent amounts received and amounts designated to the period from donations, grants and sponsorships. Such resources are recognised when the Trust is entitled to the income, it is virtually certain that the resource will be received and when the value can be measured with sufficient reliability. Income is stated net of VAT where applicable.

Donations for the festival are received from corporate and private entities. Monies received for events taking place the following year which are subject to conditions within the charity’s control have been recognised in the period they are received.

Income from charitable activities relates to the income received in the year from stalls, walks and talks that take place during the festival and are accounted for when monies are received.

12

Thames Festival Trust For the year ended 31 December 2023

Notes to the Financial Statements Icont

  1. Principal Accounting Policies (continued)

(e) Resources Expended

All expenditure is accounted for on an accruals basis and is inclusive of irrecoverable VAT. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Support costs are those functions that assist the work of the charity, but do not directly undertake charitable activities. The support costs are allocated directly to the fund it relates to.

{g) Donated Goods and Services

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

All assets under £2,500 are treated as expense in the period.

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid at the balance sheet date.

(j)

Cash at Bank and in Hand

Cash at bank and in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(k}) 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 recognised at their settlement amount.

13

Thames Festival Trust For the year ended 31 December 2023

Notes to the Financial Statements fcont

1. Principal Accounting Policies (continued)

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.

(m}) Funds

Unrestricted Funds

These represent funds that can be used for the general purpose of the charity.

Restricted Funds

These represent funds to be used for a specific purpose as stated by the donor.

The charity pays contributions into personal pension schemes for its employees and the pension charge represents the amounts payable by the charity to the schemes in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

(0) Operating Leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

2. Judgements and Key Sources of Estimation Uncertainty

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees do not believe there are any key sources of estimation uncertainty.

14

Thames Festival Trust For the year ended 31 December 2023

Notes to the Financial Statements !cont

3: Donations and Legacies

Restricted Unrestricted Total Total
2023 2023 2023 2022
£ £ & E
Public sponsorship and grants 102,471 14,380 116,851 94,202
Arts Council 88,850 15,000 103,850 152,760
Private sponsorship, grants
and donations 288,893 66,689 355,582 267,617
£480,214 £96,069 £576,283 £514,579
Funding from the Arts Council comprises:-
2023 2022
e E
National Portfolio Funding 15,000 152,760
Project Transition Funding 88,850 -
£103,850 £152,760

Included in 2022 donation and legacy income of £514,579 was restricted income of £288,702 and unrestricted income of £225,877.

4. Charitable Activities

Charitable Activities
Restricted Unrestricted Total Total
2023 2023 2023 2022
£ £ £ £
Workshops - - - 5,530
Ticket sales 20 731 751 2,131
Managementfees & contracts 22,500 - 22,500 190,000
Other income - 208 208 -
Recharges - - - 16,023
£22,520 £939 £23,459 £213,684

Included in 2022 charitable activity income of £213,684 was restricted income of ENil and unrestricted income of £213,684.

15

Thames Festival Trust For the year ended 31 December 2023

Notes to the Financial Statements fcont

5. Raising Funds

RaisingFunds
Restricted Unrestricted Total Total
2023 2023 2023 2022
£ £ £ £
Direct Costs
Wages and salaries 23,663 52,881 76,544 44 391
Support costs (note 7) 241 6,802 7,043 6,656
£23,904 £59,683 £83,587 £51,047

All fundraising costs in 2022 were unrestricted costs.

  1. Charitable Activities
Restricted Unrestricted Total Total
2023 2023 2023 2022
£ £ £ £
Direct Costs
Wages and salaries 132,803 53,573 186,376 219.611
Creative programme costs 66,061 3,532 69,593 156,258
Production costs 27,681 12,348 40,029 72,682
Publicity/marketing 18,309 18,574 36,883 27,696
Support costs (note 7) 23,525 15,959 39,484 33,275
£268,379 £103,986 £372,365 £509,522

Included in 2022 charitable activity expenses of £509,522 were restricted costs of £219,838 and unrestricted costs of £289,684.

A further breakdown by 3 key strands of activity:

Total Total
Restricted Unrestricted 2023 2022
£ £ £ £
Totally Thames 34,712 92,077 126,789 115,789
Education 152,611 7,940 160,551 319,042
Heritage 81,056 3,969 85,025 74,691
£268,379 £103,986 £372,365 £509,522

16

Thames Festival Trust For the year ended 31 December 2023 Notes to the Financial Statements icont

Support Costs
2023 2023 2023 2022
Fundraising Charitable Total Total
Activities
Office rent and maintenance be
1,276		 £
4,282		 £
5,558		 £
16,120
Telephone and stationery 47 204 251 352
IT and equipment costs 1,676 7,264 8,940 8,937
Bank interestand charges 53 232 285 641
Sundry costs 2,388 19,620 22,008 3,905
Governance (Note 8) 1,392 6,968 8,360 8,673
Depreciation 211 914 1,125 1,303
£7,043 £39,484 £46,527 £39,931

The support costs have been allocated directly where possible, and the remaining costs have been allocated to fundraising based upon staff allocation. There was £23,766 of directly allocated support costs that were restricted (2022: £7,113).

Governance Costs

Governance Costs
Restricted Unrestricted Total Total
2023 2023 2023 2022
£ £ £ £
Trustees’ insurance - 1,696 1,696 1,353
Insurance - 3,475 3,475 3,212
Independent Examiner's fee 840 2,250 3,090 2,000
Board expenses 99 - 99 108
Board recruitment - - - 2,000
£939 £7,421 £8,360 £8,673

There were no restricted governance costs in 2022.

Trustees Remuneration and Expenses

None of the Trustees received any emoluments in the year or the previous period, or were reimbursed any expenses during the year or previous period. The charge for Trustees’ indemnity insurance was £1,696 (2022: £1,353).

10. Staff Costs

The company had 6 employees during the year (2022: 7). Average full time staff employed was 5 (2022: 6). Administration of payroll of the employees was undertaken by the staff and management of Coin Street Community Builders Limited until March 2020 inclusive. Payroll was taken back in house by Thames Festival Trust in April 2020.

Remuneration for one employee fell in the band £60,000 to £70,000 for the year (2022: one in the band £60,000 to £70,000). Pension contributions for this employee were £4,200 for the year (2022: £4,200).

17

Thames Festival Trust For the year ended 31 December 2023

Notes on the Financial Statements icont

10. Staff Costs /cont
2023 2022
£ £
Wages and salaries 191,513 231,755
Social security costs 19,734 25,127
Pension costs 9,488 11,489
Redundancy payments
Employers allowance		 10,949
(5,000)		 -
(5,000)
£226684 £263371

6 staff accrued pension benefits under the defined contribution scheme (2022: 6).

The total remuneration for key management personnel was £82,605 (2022: £82,958).

Under FRS102, employee benefits include gross salary, benefits in kind, employer's National Insurance and emplayer pension costs

  1. Tangible Fixed Assets
Computer Equipment Total
£ £
Cost
Balance@ 1 January 2023 6,517 6,517
Disposal (1,530) (1,530)
Balance at31December2023 4,987 4,987
Depreciation_
Brought forward at 1 January 2023 2,607 2,607
Charge foryear 1,125 1,125
Reserve on disposal (740) (740)
Balance at 31 December 2023 2,992 2,992
Net book value
As at 31 December 2023 £1,995 £1,995
As at 31 December2022 2022 £3,910 £3,910
Debtors: amounts falling due within oneyear
2023 2022
£ £
Trade debtors 2,250 6,134
Other debtors - 2,400
VAT - 5,425
Prepayments
Accrued income		 3,393
15,670		 2,932
55,311
£21,313 £72,202

12. Debtors: amounts falling due within one year

18

Thames Festival Trust For the year ended 31 December 2023

Notes on the Financial Statements icont

13. Creditors: amounts falling due within one year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Trade|creditors|5,185|1,295| |Other|creditors|6,402|11,556| |Accruals|3,304|18,376| |VAT|9,418|-| |Deferred|income|10,000|105,893| |£34,309|£137,120| |Deferred|income|analysis| |Balance|brought|forward|at|1|January|2023|105,893|35,210| |Additions|in|the|year|10,000|105,893| |Amounts|related|to|incoming|resources|(105,893)|(35,210)| |Balance|carried|forward|at|31|December|2023|£10,000|£105,893| |14.|Pension|Costs| |2023|2022| |£|£| |Defined|contribution| |Contributions|payable|by|the|company|for the|year|£9,488|£11,489|

----- End of picture text -----

The allocation of pension costs between restricted and unrestricted funds is on the same basis as the salaries for the employees it relates to.

  1. Commitments

At 31 December 2023 the Trust had total future minimum lease payments under non-cancellable operating leases as follows:-

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Other|Land|and|buildings| |2023|2022|2023|2022| |£|£|E|£| |Within|one|year|1,000|1,000|-|3,706| |Between|two|and|five|years|1,000|2,000|-|=|

----- End of picture text -----

19

Thames Festival Trust For the year ended 31 December 2023

Notes on the Financial Statements

icont

16. Funds
Balance Transfer Balance
At 1 Jan Between at 31Dec
2023 Income Expenditure Funds 2023
£ £ £ £ £
Unrestricted Funds
General Fund 410,427 102,247 163,669 - 349,005
Restricted Funds
ACE (Transitional Fund) - 88,850 88,850 - -
HFL (Trinity Buoy Wharf) 9,864 48,171 58,035 - -
Garfield Weston (ROH) - 50,000 50,000 - -
NHLF (Places ofChange) “ 57,320 19,459 . 37,861
PHF (RiverofHope) - 152,500 46,500 - 106,000
PJP Choirs Donation 100,000 - - - 100,000
PJP ROH Donation - 105,893 29,439 - 76,454
109,864 502,734 292,283 Nil 320,315
Total Funds £520,291 £604,981 £455,952 ENil £669,320
Funds relating to the yearended 31 December2022
Balance Transfer Balance
At 1 Jan Between at 31Dec
2022 Income Expenditure Funds 2022
£ £ £ £ £
Unrestricted Funds
General Fund 311,397 439,761 340,731 - 410,427
Restricted Funds
Rothschild (Reflections) - 55,000 55,000 - -
HFL (Trinity Buoy Wharf) - 55,131 45,267 - 9,864
Garfield Weston (ROH) - 50,000 50,000 - -
The Story ofWater 41,000 - 41,000 - -
HLF (Harland & Wolff) - 9,951 9,951 - -
GLA Royal Docks - 18,620 18,620 - -
PJP Choirs Donation - 100,000 - . 100,000
41,000 288,702 219,838 Nil 109,864
Total Funds £352 397 £728,463 £560,569 ENil £520,291
17. Analysis ofNetAssets Between Funds
Fixed Assets Debtors Cash Creditors Net Assets
34 £ £ £ £
Restricted - 17,801 313,354 (10,840) 320,315
Unrestricted 1,995 3,512 366,967 (23,469) 349,005
£1,995 £21,313 £680,321 £(34,309) £669,320
  1. Analysis of Net Assets Between Funds

20

Thames Festival Trust For the year ended 31 December 2023

Notes on the Financial Statements

icont

Analysis of net assets between funds forthe yearended 31 Analysis of net assets between funds forthe yearended 31 Analysis of net assets between funds forthe yearended 31 December2022 2022
Fixed Assets
£		 Debtors
£		 Cash
£		 Creditors
£		 NetAssets
£
Restricted
Unrestricted		 -
3,910		 -
72,202		 215,757
365,542		 (105,893)
(31,227)		 109,864
410,427
£3,910 £72,202 £581,299 £(137,120) £520,291
  1. Reconciliation of Net Income to Net Cash Flow from Operating Activities
2023 2022
£ £
Net income for the reporting period 149,029 167,894
Adjustments for:
Dividends and interestfrom investments and bank		 (5,239) (200)
Decrease in debtors 50,889 16,892
(Decrease)/Increase in creditors (102,811) 69,7938
Depreciation
Loss on disposal		 1,125
790		 1,303
-
Netcashprovidedbyoperatingactivities £93,783 £255,687

19. Control

The Trust does not have an ultimate controlling party by virtue of its being limited by guarantee.

20. Related Parties

There have been no transactions with related parties in the year, other than those stated in Notes 9 and 10.

21. Contingent Assets

Total grant funding awarded as at 31 December 2023 but not recognised as income due to the recognition criteria not being met amounts to £399,391 (2022: £105,893).

21

Thames Festival Trust For the year ended 31 December 2023

For Information of Management Only

Detailed Activity Summary

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |Total|Total| |£|£| |Income| |Public|sponsorship|and|grants|116,851|94,201| |Arts|Council|103,850|152,760| |Private|sponsorship,|grants|and|donations|355,582|267,618| |Charitable|activities|23,251|7,661| |Other|trading|income|208|206,023| |Interest|receivable|5,239|200| |£604,981|£728,463| |Direct|Charitable|Expenditure| |2023|2022| |Total|Total| |E|£| |Wages|and|salaries|262,920|264,002| |Creative|programme|costs|69,593|156,258| |Production|costs|40,029|72,682| |Marketing|costs|36,883|27,696| |£409,425|£520,638| |Administrative|Expenses| |2023|2022| |Total|Total| |£|£| |Audit|and|examiner|fees|3,090|2,000| |Bank|charges|and|insurance|5,455|5,206| |Support|costs|37,982|32,725| |£46,527|£39,931| |Deficit/Surplus|for the|Period|£149,029|£167,894|

----- End of picture text -----

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