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← The Thames Festival Trust

2024-12-31-accounts

Report and financial statements

Year ended 31 December 2024

Thames Festival Trust (A company limited by guarantee) Registered No: 03577462 Charity No: 1074794

Thames Festival Trust Annual Report | Year ended 31 December 2024

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Contents

Contents Page
Charity Reference and Administrative Details 3
Report of the Trustees 4
Independent Examiner’s Report 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Charity Cash Flow 16
Notes to the Financial Statements 17

Photo credits:

Front page: Thames Lens Photo Competition Winner, 2024. Feeding the Gulls. Photo by Cam Crosland.

Page 4: Aishwarya Raut and Antonello Sangirardi, Seed Funders Totally Thames festival 2024. Photo by Deborah Jaffe.

Page 6: Thames Lens Photo Competition Winner, 2024. The Boy and the River. Photo by Lichena Bertinato.

Page 11: Ship of Tolerance by Ilya & Emilia Kabakov, as part of Totally Thames 2019. Photo by Milo Robinson.

Page 12: Sing for Water 2024. Photo by Richard Blaxhall / WaterAid.

Back page: River of Hope 2024 in collaboration with Norfolk & Norwich Festival. Photo by Lily Monsey.

Thames Festival Trust Annual Report | Year ended 31 December 2024

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Charity Reference and Administrative Details

Trustees

Independent Examiner

Stephen Warrington (Chair) Andrew Cooke Sandra Dawe Henry Fajemirokun Angel Gavieiro Besteiro Raj Kehal (appointed 1 March 2024) Rosanna Machado Amar Qureshi (resigned 26 November 2024) Kate Sandars Olga Stanojlovic Pete Stephens (Treasurer)

Company Secretary

Kevin Fisher Kingston Burrowes Audit Ltd. 308 Ewell Road Surbiton Surrey KT6 7AL

Bankers

Lloyds Bank Plc City Branch PO Box 72, Bailey Drive Gillingham Business Park Kent ME8 0LS

Adrian Evans

Chief Executive Officer

Adrian Evans

Registered Office

7 Bell Yard London WC2A 2JR

Charity Registration Number

1074794

Company Number

03577462

Thames Festival Trust Annual Report | Year ended 31 December 2024

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Report of the Trustees

Trustee statement

Thames Festival Trust provides public benefit through the creation and promotion of inspirational projects and programmes which nurture knowledge and appreciation of significant rivers, both nationally and internationally. The Trust’s engaging activities are designed to motivate people to visit and interact with their river; and thereby to value it and take positive action to care for its future.

The Trust’s projects and programmes span the fields of culture, heritage and education. They reveal rivers’ rich natural capital, share their unique history and heritage, respect their ecology, raise awareness of environmental sustainability, and celebrate the diverse links rivers make locally, and with the wider world. The Trust’s activities take place in London, focused on the River Thames and its tributaries,

in multiple river locations around the UK, and in partner cities overseas, reaching many thousands of people.

The Trust’s beneficiaries in 2024 comprised 102 schools;194 teachers; 3,927 learners; 148 arts, heritage and environmental organisations; a live audience of 22,205 people; and 234,087 online viewers.

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 2024.

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Thames Festival Trust

Running like arteries through the heart of our communities, rivers are sources of inspiration, joy and delight. The connection we have with our natural environment and with each other is perhaps more important now than it has ever been. Through art, heritage and education, we aim to connect people with themselves, with each other, and with the natural environment.

The Trust’s cultural work supports new artistic endeavours in exciting venues on and along our rivers. As part of our annual month-long Totally Thames festival we commission new artworks; we promote river events and river-related arts and festival activities; we create a community of interest amongst river organisations; and we promote key environmental sustainability messages to a wide public.

The Trust’s heritage programme centres on intangible river heritage. We design and deliver innovative projects in collaboration with local and national heritage organisations which engage local communities and provide young people with progression pathways into heritage careers.

The Trust works with professional artists in education contexts on projects designed to inspire young people to connect with their local river, and to value and care for its environment. These high-quality arts-based learning projects evidence the case for wider arts provision in the school curriculum.

What the Trust does

extraordinary opportunity to develop new artistic work, to promote key water and river messages, and to showcase the river’s role in inspiring creativity.

The impact the Trust achieves

The Trust’s vision and values

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and heritage, their much-loved location for recreation and wellbeing, and their highly prized environment in which to live and work.

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The Trust’s activities in 2024

Cultural programme: Totally Thames Festival

Each September, the Trust delivers a month-long celebration of the Thames and its tributaries in London known as the Totally Thames festival. The festival creates a valuable community of interests amongst river organisations and those who have a passion for the river and its well-being.

Totally Thames festival reaches a large audience and provides an extraordinary opportunity to promote environmental sustainability, and to showcase the river’s role in driving creativity.

Increasingly, the festival team’s efforts are focused on appealing to young and diverse segments of the population by nurturing new artistic work with relevant water and river themes and presenting these in unique and exciting river locations.

Our evaluation revealed that:

In 2024, we launched a Seed Fund programme providing £1,000 each to eight young creatives. These commissions successfully increased the diversity of art forms and audiences within the festival.

The Trust also organises and presents an annual photo competition called Thames Lens. This is a year-round initiative which culminates in an exhibition in an iconic river location in the Spring. The competition seeks to engage a wide constituency of non-professional photographers with special prizes for young people. The best of the images submitted provide a rich resource for sharing on social media platforms thereby extending the Trust’s mission to reach new and diverse audiences.

Heritage programme: Places of Change

The Trust runs an annual, deep-dive heritage programme which focuses on an aspect of the River Thames’ intangible heritage. These projects often involve marginalised communities, recording lived experiences and valuing oral history testimonies. We organise this programme in collaboration with local heritage partners, interest groups and diverse communities to explore the river’s hidden river riches and to share untold stories of the Thames.

In 2024, we launched a new project called Places of Change, which was structured to develop new transferrable skills for young people through training sessions by professionals in archive research, curation and interpretation. It was funded by the National Lottery Heritage Fund (NLHF) and the Royal Docks.

The Trust commissioned professional independent evaluation of Places of Change which concluded:

Education programme: River of Hope & Kids’ Choir

The Trust has established an excellent reputation for providing high-quality education programmes that span singing, arts-based learning, and environmental sustainability, to benefit young people in schools and communities around the UK and overseas. This work is targeted at state schools in areas of deprivation and is delivered as partnership projects with local arts, education, and environmental organisations, and overseas with the British Council.

Our flagship education project, River of Hope, explores curriculum-relevant river and water topics, using creative media designed to challenge and provoke classroom discussion around environmental sustainability and climate change themes. The Trust’s focus on rivers as rich natural capital gives us an

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easy curriculum connection to these important issues. Our flagship singing project, now in its twentieth year, is called Kids’ Choir.

Our feedback tells us that teachers want to be upskilled in arts-based learning through enhanced and concentrated artist-led CPD. High value was also placed on in-school workshops delivered by professional artists, out-of-school learning trips and a high-profile exhibition of the work with which parents, families and the school’s Senior Leadership Team might be engaged. River of Hope delivers all of these.

We commissioned independent Impact Evaluation by academics from the University of Plymouth’s Institute of Education to both monitor development and to measure success. Their findings include:

Digital engagement

Throughout the year, we use our website, social media channels, events and activities and partner relationships to inspire people to connect with their local river, to value its natural environment and to care for its protection. We collaborate extensively with partner organisations, contributing our river knowledge, network, and platform, to bring to life the creative aspirations of our shared communities.

All our projects now include the production of short-form documentary videos. Over recent years we have become more and more successful at producing these.

Testimonials

A group of young creatives called SCATTER benefitted from the Trust’s Seed Fund scheme for Totally Thames festival 2024 :

“The Seed Fund enabled us to develop original creative work in the form of an audio journey. The festival allowed us to work boldly at the meeting point between performance and environment, which sits at the heart of SCATTER’s mission. Bespoke marketing support and inclusion in the programme enriched our approach and expanded our audience reach. Totally Thames also facilitated new partnerships with iconic river venues such as the Golden Hinde which previously would have felt out of our reach. We feel very fortunate to have taken the first step of ‘Here Lay Your Hearts’ through Totally Thames seed funding and feel many new opportunities can grow from this project.”

A teacher at Calstock School in Devon, took part in River of Hope , the Trust’s flagship arts-based learning project:

“River of Hope is an inspirational, enjoyable and interactive session that was full of practical ideas as to how art could be used in a variety of ways across the curriculum. There was a real sense of awe, wonder and inclusivity that worked really well in the classroom – particularly for those students who believe they ‘can’t do art’.”

One of the Places of Change heritage trainees commented:

“At the end of this, I feel productive, fulfilled, because we produced something and because I feel like we have done something to bring this topic to light. We covered aspects which we haven’t seen covered in any of the museums or the places that we’ve been to, and that’s good to have had experience of.”

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The Trust’s financial review 2024

The Trust has ended 2024 in a financial position which provides a strong base to continue its vision and mission across all three strands of its charitable activities in 2025 and beyond.

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 , which 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 fixed office base, (b) to make the role of Head of Operations, Finance & Administration redundant and (c) to appoint appropriate consultancies to reassure 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 went a significant way to compensating for lost Arts Council NPO income.

2024 saw the completion of the Trust’s transition to its new model. The trustees were very pleased with its financial performance in 2024. Core administrative costs were reduced by £20,763. There was an expected drop in income from grants, donations and legacies of £164,998 in the year following a large legacy investment from the The Platinum Jubilee Pageant Foundation (£105,893) and the timing of restricted projects. However, the Trustees were pleased with the diversification in its funding mix and by increases in income generated from charitable activities, an increase of over 150% from 2023 (up to £59,092) and an increase of more than 100% from investments (up to £11,687).

Reserve position

The Trust holds unrestricted reserves to ensure that it has capacity and resilience to develop and support its charitable aims and programmes and to meet any reasonably foreseeable contingency. At the end of 2024, the Trust had unrestricted reserves of £321,996 of which £109,906 has been

set aside by Trustees under its Reserve Policy. The remaining £212,090 is budgeted as support to develop and enhance our programmes and continue to invest in fundraising in 2025 and 2026. In addition to unrestricted reserves, the Trust also has restricted reserves of £313,697 to cover specific educational and heritage projects.

Funding in 2025 and beyond

The Trust is conscious of the increased competition within the charitable arts 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 2025-26 programme including The Port of London Authority, National Lottery Heritage Fund, and Garfield Weston Foundation. Partner projects are being developed with festivals, events, and strategic initiatives over the 2026-28 period.

Reserve policy and going concern

At the year end, the Trust had £321,996 of unrestricted reserves and £313,697 of restricted reserves. These reserves provide good reason to conclude that the Trust will be able to maintain all its planned activities and meet its obligations through 2025 and beyond into 2026, 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 £109,906).

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. Its Finance Sub-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.

The Trustees and the Executive Team work together to ensure the Trust is managed effectively and efficiently. The Trustees are aware of their

Thames Festival Trust Annual Report | Year ended 31 December 2024

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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.

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 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 full-time 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.

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.

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

Risk management

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

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).

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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 17 June 2025

Stephen Warrington Chair of Trustees

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Independent Examiner’s Report

To the Trustees of Thames Festival Trust,

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 14 to 26.

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, I 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 I 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. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

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, in any material respect that:

  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.

Signed: Dated: 30 June 2025

Kevin Fisher BA FCA CTA

For and on behalf of Kingston Burrowes Audit Ltd

308 Ewell Road Surbiton Surrey KT6 7AL

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Statement of Financial Activities

` Notes Restricted Unrestricted Total Total
2024 2024 2024 2023
£ £ £ £
Income from
Donations and legacies 3 342,184 69,101 411,285 576,283
Charitable activities 4 47,423 11,669 59,092 23,459
Investments - 11,687 11,687 5,239
─────── ─────── ─────── ───────
Total Income 389,607 92,457 482,064 604,981
─────── ─────── ─────── ───────
Expenditure on
Raising funds 5 - 74,159 74,159 83,587
Charitable activities 6 396,225 45,307 441,532 372,365
─────── ─────── ─────── ───────
Total Expenditure 396,225 119,466 515,691 455,952
─────── ─────── ─────── ───────
Net (Deficit) / Surplus before transfers (6,618) (27,009) (33,627) 149,029
Transfers - - - -
─────── ─────── ─────── ───────
Net (Deficit) / Surplus (6,618) (27,009) (33,627) 149,029
Total funds brought forward 320,315 349,005 669,320 520,291
─────── ─────── ─────── ───────
Total Funds carried forward 16 £313,697 £321,996 £635,693 £669,320
═══════ ═══════ ═══════ ═══════

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 17 to 26 form part of these financial statements.

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Balance Sheet

Notes 31 December 2024 31 December 2024 31 December 2023 31 December 2023
Fixed Assets £ £ £ £
Tangible assets 11 - 1,995
Current Assets
Debtors 12 9,887 21,313
Cash at bank and in hand 659,122 680,321
669,009 701,634
Creditors, amounts falling
due within one year 13 33,316 34,309
635,693 667,325
Net Current Assets £635,693 £669,320
Reserves
Funds 16
Unrestricted 321,996 349,005
Restricted 313,697 320,315
£635,693 £669,320

For the financial year ended 31 December 2024 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 15 June 2025 and are signed on their behalf by

STEPHEN WARRINGTON, CHAIR PETE STEPHENS, TREASURER

The notes on pages 17 to 26 form part of these financial statements.

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Statement of Charity Cash Flow

Notes
Cash flows from operating activities
Net cash (used in) / provided by
operating activities
18
Cash flows from investing activities
Dividends and interest from
investments and bank
Net cash provided by investing
activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of reporting period
Cash and cash equivalents at the end
of the reporting period
Cash at bank and in hand		 31 December 2024
£
£
(32,886)
──────
11,687
──────
11,687
──────
(21,199)
680,321
──────
£659,122
══════
£659,122
══════		 31 December 2023
£
£
93,783
──────
5,239
──────
5,239
──────
99,022
581,299
──────
£680,321
══════
£680,321
══════

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Notes to the Financial Statements

1. Principal Accounting Policies

(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.

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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.

(h) Fixed Assets

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.

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.

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1. Principal Accounting Policies (continued)

(l) 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.

(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.

(o) 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.

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3. Donations and Legacies

Donations and Legacies
Restricted Unrestricted Total Total
2024 2024 2024 2023
£ £ £ £
Public sponsorship and grants
49,589		 - 49,589 116,851
Arts Council 124,795 - 124,795 103,850
Private sponsorship, grants
and donations 167,800
 69,101
 236,901
 355,582
£342,184 £69,101
 £411,285
 £576,283
Funding from the Arts Council comprises:-
2024 2023
£ £
National Portfolio Funding - 15,000
Project Transition Funding 124,795 88,850
£124,795 £103,850

Included in 2023 donation and legacy income of £576,283 was restricted income of £480,214 and unrestricted income of £96,069.

4. Charitable Activities

Restricted
Unrestricted
2024
2024
£
£
Workshops
3,160
362
Ticket sales
150
5,507
Management fees & contracts
42,000
5,800
Other income
2,113
-
£47,423
£11,669

Included in 2023 charitable activity income of £23,459 was restricted income of £22,520 and unrestricted income of £939.

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  1. Raising Funds
Raising Funds
Direct Costs
Wages and salaries
Fundraising costs
Support costs (note 7)		 Restricted
Unrestricted
Total
Total
2024
2024
2024
2023
£
£
£
£
-
50,721
50,721
61,361
-
18,607
18,607
15,183
-
4,831
4,831
7,043
£Nil
£74,159
£74,159
£83,587

Included in 2023 fundraising costs of £83,587 were restricted costs of £23,904 and unrestricted costs of £59,683.

6. Charitable Activities

Charitable Activities
Restricted Unrestricted Total Total
2024 2024 2024 2023
£ £ £ £
Direct Costs
Wages and salaries 146,434 23,739 170,173 186,376
Creative programme costs 132,263 14,299 146,562 69,593
Production costs 65,341 2,628 67,969 40,029
Publicity/marketing 31,875 4,020 35,895 36,883
Support costs (note 7) 20,312 621 20,933 39,484
£396,225
 £45,307
 £441,532
 £372,365

Included in 2023 charitable activity expenses of £372,365 were restricted costs of £268,379 and unrestricted costs of £103,986.

A further breakdown by 3 key strands of activity:

Total Total
Restricted Unrestricted 2024 2023
£ £ £ £
Totally Thames - 40,239 40,239 126,789
Education 308,625 3,378 312,003 160,551
Heritage 87,600 1,690 89,290 85,025
£396,225
 £45,307
 £441,532
 £372,365

Thames Festival Trust Annual Report | Year ended 31 December 2024

21

7. Support Costs

Support Costs
2024 2024 2024 2023
Fundraising Charitable Total Total
Activities
£ £ £ £
Office rent and maintenance 38 162 200 5,558
Telephone and stationery 99 430 529 251
IT and equipment costs 1,948 8,444 10,392 8,940
Bank interest and charges 100 432 532 285
Sundry costs 828 3,587 4,415 22,008
Governance (Note 8) 1,444 6,257 7,701 8,360
Depreciation 374 1,621 1,995 1,125
£4,831
 £20,933
 £25,764
 £46,527

The support costs have been allocated directly where possible, and the remaining costs have been allocated to fundraising based upon staff allocation. There was £20,312 of directly allocated support costs that were restricted (2023: £23,766).

8. Governance Costs

Restricted
Unrestricted
2024
2024
£
£
Trustees’ insurance
-
1,562
Insurance
-
3,459
Independent Examiner’s fee
-
2,109
Board expenses
-
571
£Nil
£7,701

 Total
2024
£
1,562
3,459
2,109
571
£7,701
 Total
2023
£
1,696
3,475
3,090
99
£8,360

Included in 2023 governance costs of £8,630 were restricted costs of £939, and unrestricted costs of £7,421.

9. 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 £1,562 (2023: £1,696).

10. Staff Costs

Average full-time staff employed was 4 (2023: 5). Administration of payroll is undertaken by Thames Festival Trust.

Remuneration for one employee fell in the band £60,000 to £70,000 for the year (2023: one in the band £60,000 to £70,000). Pension contributions for this employee were £4,200 for the year (2023: £4,200).

Thames Festival Trust Annual Report | Year ended 31 December 2024

22

10. Staff Costs /cont

Staff Costs /cont
2024 2023
£ £
Wages and salaries 218,441 191,513
Social security costs 17,680 19,734
Pension costs 8,340 9,488
Redundancy payments - 10,949
Employers allowance (5,000)
 (5,000)
£239,461
 £226,684

5 staff accrued pension benefits under the defined contribution scheme (2023: 6).

The total remuneration for key management personnel was £82,605 (2023: £82,605).

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

11. Tangible Fixed Assets

Computer Equipment Total
£ £
Cost
Balance @ 1 January 2024 4,987 4,987
Balance at 31 December 2024 4,987
 4,987
Depreciation
Brought forward at 1 January 2024 2,992 2,992
Charge for year 1,995
 1,995
Balance at 31 December 2024 4,987
 4,987
Net book value
As at 31 December 2024 £Nil
 £Nil
As at 31 December 2023 £1,995 £1,995
Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 3,240 2,250
VAT 1,522 -
Prepayments 5,125 3,393
Accrued income - 15,670
£9,887 £21,313
  1. Debtors: amounts falling due within one year

Thames Festival Trust Annual Report | Year ended 31 December 2024

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13. Creditors: amounts falling due within one year

13. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,889 5,185
Other creditors 7,839 6,402
Accruals 12,588 3,304
VAT - 9,418
Deferred income 10,000 10,000
£33,316 £34,309
Deferred income analysis
Balance brought forward at 1 January 2024 10,000 105,893
Additions in the year 10,000 10,000
Amounts related to incoming resources (10,000) (105,893)
Balance carried forward at 31 December 2024 £10,000
 £10,000
14. Pension Costs
2024 2023
£ £
Defined contribution
Contributions payable by the company for the year £8,909 £9,488

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

15. Commitments

At 31 December 2024 the Trust had total future minimum lease payments under non-cancellable operating leases as follows:-


operating leases as follows:-
Other
2024 2023
£ £
Within one year 1,000 1,000
Between two and five years - 1,000

Thames Festival Trust Annual Report | Year ended 31 December 2024

24

  1. Funds
Funds
Balance Transfer Balance
at 1 Jan Between at 31 Dec
2024 Income Expenditure Funds 2024
£ £ £ £ £
Unrestricted Funds
General Fund 349,005 92,457 119,466 -
 321,996
Restricted Funds
ACE (Transitional Fund) - 164,095 113,555 - 50,540
Water Aid (Sing for water) - 9,113 9,113 - -
Garfield Weston (ROH) - 30,000 30,000 - -
NHLF (Places of Change) 37,861 49,739 87,600 - -
PHF (River of Hope) 106,000 103,500 96,000 - 113,500
PJP Choirs Donation 100,000 - 32,105 - 67,895
PJP ROH Donation 76,454 - 9,692 - 66,762
Gosling Foundation (Kids Choir) - 33,160 18,160 - 15,000
320,315 389,607 396,225 - 313,697
Total Funds £669,320 £482,064 £515,691 £Nil £635,693

Funds relating to the year ended 31 December 2023

Balance Transfer Balance
at 1 Jan Between at 31 Dec
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 of Change) - 57,320 19,459 - 37,861
PHF (River of Hope) - 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 - 320,315
Total Funds £520,291 £604,981 £455,952 £Nil £669,320

17. Analysis of Net Assets Between Funds

Fixed Assets
£
Restricted
-
Unrestricted
-

£Nil		 Debtors
Cash
Creditors Net Assets
£
£
£
£
240
323,457
(10,000)
313,697
9,647
335,665
(23,316)
321,996




£9,887 £659,122
£(33,316)
£635,693

Thames Festival Trust Annual Report | Year ended 31 December 2024

25

Analysis of net assets between funds for the year ended 31 December 2023

Fixed Assets Debtors Cash Creditors Net Assets
£ £ £ £ £
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

18. Reconciliation of Net Income to Net Cash Flow from Operating Activities

2024

£
Net income for the reporting period
(33,627)
Adjustments for:
Dividends and interest from investments and bank
(11,687)
Decrease in debtors
11,426
Decrease in creditors
(993)
Depreciation
1,995
Loss on disposal
-

Net cash (used in)/provided by operating activities
£(32,886)		 2023
£
149,029
(5,239)
50,889
(102,811)
1,125
790

£93,783

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 2024 but not recognised as income due to the recognition criteria not being met amounts to £124,795 (2023: £399,391).

Thames Festival Trust Annual Report | Year ended 31 December 2024

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