2025-12-31-accounts

Report and financial statements

Year ended 31 December 2025

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

Thames Festival Trust Annual Report | Year ended 31 December 2025

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Contents

Contents	Page
Charity Reference and Administrative Details	3
Report of the Trustees	4
Independent Examiner’s Report	18
Statement of Financial Activities	19
Balance Sheet	20
Statement of Charity Cash Flow	21
Notes to the Financial Statements	22

Thames Festival Trust Annual Report | Year ended 31 December 2025

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Charity Reference and Administrative Details

Trustees

Charity Registration Number

Stephen Warrington (Chair)

Rosie Beaumont-Thomas (appointed 8 September 2025)

Andrew Cooke Sandra Dawe Henry Fajemirokun Angel Gavieiro Besteiro

Raj Kehal Rosanna Machado (resigned 17 June 2025)

Ishbel Matheson (appointed 8 September 2025) Kate Sandars Olga Stanojlovic Pete Stephens (Treasurer)

Company Secretary

Adrian Evans

1074794

Company Number

03577462

Independent Examiner

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

Chief Executive Officer

Registered Office

Adrian Evans

7 Bell Yard London WC2A 2JR

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Report of the Trustees

Trustee statement

Thames Festival Trust nurtures knowledge and appreciation of rivers through inspirational arts, heritage and education projects. The Trust works nationally and internationally. In London, it focuses on the Thames and its tidal tributaries. The Trust’s activities are designed to motivate people to interact with their river, to value it and to take positive action to care for its future.

The Trust’s festival 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 highquality arts-based learning projects evidence the case for wider arts provision in the school curriculum.

The Trust’s activities touch wide-ranging communities. The Trust’s beneficiaries comprise:

• 11,086 learners and 423 teachers at 111 schools who took part in our education programmes (River of Hope and Kids’ Choir).

• 10 young people participating in our heritage traineeship and mentorship programme.

• 40,500 people attending 70 public events as part of our festival programme.

• 413,000 online views of the 45 videos we produced through our digital programme.

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 2025.

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What the Trust does

We commission artistic projects and curate a programme of innovative and exciting events, nurturing talent from the diverse communities with which we work.

We promote and deliver river-related activities, events, performances, and programmes in London, across the UK, around the world, and online.

We inspire people to connect with their local river, to value its natural environment and to care about its conservation. We support and partner with many water and river charities.

We collaborate extensively with partner organisations, contributing our river knowledge, networks, and platform, to bring to life the creative aspirations of our shared communities.

We deliver a month-long celebration each September across London’s riparian boroughs, known as Totally Thames festival. This is an extraordinary opportunity to develop new artistic work, to promote key water and river messages, and to showcase the river’s role in inspiring creativity.

We educate – throughout the year we run education programmes with environmental themes such as River of Hope, which reaches thousands of children around the UK and overseas. We deliver these projects in partnership with local arts, education, and environmental organisations.

We develop heritage programmes in collaboration with local partners, interest groups and diverse communities to explore hidden river riches and share untold stories of the Thames.

The impact the Trust achieves

We broaden horizons, and in 2025 reached around 40,500 people through our in-person activities and 349,500 via our online and social media platforms.

We nurture artistic curiosity and creativity at all levels in wide-ranging communities, across all generations.

We facilitate individuals’ personal development through engagement in cultural and environmental activity, helping to build knowledge, skills, wellbeing and confidence.

We raise the profile of rivers and highlight their vital role throughout history at the heart of human endeavour and creativity, including as places of work and arteries of transportation.

We actively promote understanding of the impacts of climate change through both education activity and creative programming.

We help diverse new and young talent take root and flourish.

We build bridges between different communities and bring people together to forge a sense of belonging.

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The Trust’s vision and values

Our vision is for rivers in cities to be cherished and protected as outstanding natural environments, accessible to all and enjoyed by all.

We regard the arts, and culture in the broader sense, as a lever to raise the profile of rivers, highlighting their vital natural habitat, their valued source of inspiration and reflection, their extraordinary geography rich with unique stories and heritage, their much-loved location for recreation and wellbeing, and their highly prized environment in which to live and work.

We champion the role that culture plays in the ecology of rivers. We support initiatives that advocate for clean river environments, openly accessible riverfronts, and responsible water usage.

We encourage physical activity, through sporting and other river activities, river travel and the wider river economy.

We see creativity as a prompt to thought, inspiring discussion and debate. We are passionate about the transformative power of arts and culture and their essential role in the wellbeing of us all.

We admire innovation and an entrepreneurial approach and embrace new opportunities within our business framework of sustainability, effectiveness, and resilience.

We actively nurture fresh ideas and artistic talent through the commissioning of new work.

We are committed to delivering excellence and providing opportunities for people to engage with our programme of activities.

We believe in the creative force of diversity. Through both ‘who we are’ and ‘what we do’, we strive to be representative of our communities.

We put emphasis on collaboration, such as with young artists at the start of their careers, with environmental and local community organisations engaging with the river, and with riverside businesses who are seeking a greater connection with their waterfront.

We recognise the benefits of being linked nationally and internationally to river and waterfront festivals and other river-linked cultural initiatives.

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The Trust’s activities in 2025

River of Hope

A national and international arts-based learning project with primary and secondary school strands.

Lost & Found

A traineeship and mentoring programme focused on providing a cohort of diverse young Londoners with opportunities to progress in the heritage sector.

Totally Thames festival

A month-long season of river and river-related events in London which includes our Seed Funder Programme, an initiative which provides early career artists with project funding, a waterfront venue and marketing support to nurture new work. Other programme strands include Kids’ Choir, a singing project for inner city London primary schools producing a massed choir of some 450 young voices; Sing for Water, a massed community choir singing to raise money and awareness for WaterAid; and Thames Lens, an annual photography competition focused on the Thames in London.

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The Trust’s education programme

River of Hope

River of Hope is an arts-based programme with two strands. Within primary schools the project is focused on upskilling teachers, developing new skills and knowledge in arts techniques and increasing confidence in talking about climate change topics with children. The secondary school project model is centered around pre-GCSE young people, giving them the opportunity to express themselves on climate change and environmental issues through spoken word and visual art. The University of Plymouth was commissioned to undertake an independent impact and evaluation report on the programme.

• In 2025, River of Hope was delivered in 5 UK regions and 2 overseas countries: Tees Valley, Norfolk, Devon & Cornwall, Dorset, and London (Newham) and in Ethiopia (Arba Minch and Addis Ababa) and France (Ville de Rouen).

• The project involved multiple partners, including arts and environmental organisations and artists across all five UK regions and in overseas countries. Major collaborations were established with Stockton International Riverside Festival (Tees Valley), Norfork & Norwich Festival (Norfolk), Tamar Festival (Devon & Cornwall),

Inside Out Festival (Dorset), Cody Dock (Newham), and with the Ministry of Education and British Council offices in both France and Ethiopia.

• The programme involved 95 schools: 35 primary and 20 secondary schools in the UK, 30 schools in Ethiopia and 10 schools in France.

• 9,926 pupils and 393 teachers were actively involved in the programme. In the UK, at primary school level, 1,674 children and 55 teachers were involved in classroom activities, and a further 6,468 children and 241 teachers took part in assemblies and CPD. At secondary school level, 584 young people and 27 teachers were involved in classroom workshops. 1,200 pupils and 70 teachers were involved overseas.

• Significant audience engagement was recorded with live and digital audiences totalling 119,691.

Ambitious exhibitions of the artworks created by secondary school students were held and promoted in all locations as part of city-wide festivals. Four films and online galleries were also produced.

• In Norfolk, the work was shown at the Forum, where the artworks were transferred onto sails to produce a beautiful installation. A selection of sails was displayed onto sailing boats and documented on the river. This was promoted via Norfolk & Norwich Festival in May with over 85,000 seeing the work while exhibited.

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• In the Tees Valley, 80 artworks were printed onto huge 4-metre-long hangings and displayed in a cluster under trees; they were accompanied by a soundscape of the young people’s voices. This created a wonderful interactive experience as part of Stockton International Riverside Festival. Many of the young people and their families visited the installation as well as over 3,000 people over the weekend festival.

• In London, the secondary school artworks were shown on the North Bank riverside walkway opposite Tate Modern on large monoliths. The visual artworks were shown alongside the poetry. This work was also reproduced onto large hangings and displayed at Compressor House in Newham where we held an end of project celebration evening, many of the teachers, young people and families attended and two girls performed their poem. Artworks were selected to be shown in the UK delegation area at COP30 in Brazil.

• In Dorset, 80 flags were produced for Inside Out Dorset and installed at Christchurch along the river. Work from Dorset, Devon, Newham, Tees Valley, and Ethiopia was shown, as well as a booth screening all the regional films. This was a great project culmination and was also accompanied by a soundscape created by a local poet, as well as dance performances by young people.

Key Takeaways

• 100% of partners found the project successful and well-organised helping them to reach new audiences and elevate their engagement work.

• 100% of artists reported increased positive attitudes towards art.

• 100% of primary school teachers found CPD sessions inspiring and useful and said they would engage more with their local environments post-programme.

Testimonials

“Having hands-on training with the artists has helped me learn new skills and have the confidence to teach different art mediums.” Teacher

“The school is taking part in the international River of Hope project, combining pupils’ learning in geography and art, creating a rich and ambitious curriculum that encompasses a depth of knowledge and breadth of experiences.” (Ofsted inspection)

“I think [River of Hope] helped us to have a better bond with nature, and it helped us find out more about what’s going on around us that we never really usually pay attention to.” Pupil

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The Trust’s heritage programme

Lost & Found

Lost & Found was a heritage project that set out to uncover stories from the River Thames and open up opportunities for young people to break into the heritage sector. Delivered by Thames Festival Trust and funded by the National Lottery Heritage Fund, the project ran from April to December 2025 and combined hands-on learning with public events and creative outputs. At the heart of Lost & Found was its traineeship programme which provided ten young people – many from backgrounds which are traditionally underrepresented in the heritage sector – with paid training, mentoring and career development. Working alongside heritage professionals and licensed Thames mudlark Nicola White, the trainees researched objects found on the Thames foreshore and used their discoveries to share lesser-known histories of London’s river and its people. The project showed how personal stories, everyday objects and public access to heritage can inspire curiosity, build skills and widen who feels welcome in the sector.

Overview:

• We recruited 10 heritage trainees from 224 applications. They ranged in age from 21 to 26 and came from a range of cultural, social and educational backgrounds.

• We ran a 17-day traineeship programme for the trainees, visiting a number of heritage sites (e.g. National Maritime Museum, and London Museum Docklands), went on guided walks and received practical workshops from experts on exhibition curation, digital mapping and archiving, and one-on-one mentoring sessions.

• Trainees selected objects found on the Thames foreshore by mudlark Nicola White and produced original research.

• Together with photography by Hannah Smiles, the trainees’ research was published in a book and 2,000 copies distributed during the Totally Thames festival.

• We mounted a pop-up exhibition which toured 5 historic venues with an audience of 7,527. We produced 8 public events which were attended by 408 people. Almost all (99%) visitors who completed an evaluation form reported learning something new and 86% said it changed how they viewed London’s heritage.

• 10 YouTube films produced by mudlark Nicola White and featuring trainee interviews and object stories reached an average of 13,866 views per film and took the project around the world.

• We created an Instagram channel which, together with project content on TFT’s channel, has been viewed 157,564 times and attracted 4,718 interactions.

• The base at Creekside Discovery Centre and focus on the Thames, its history and ecology, led to the trainees viewing the Thames as both a historic site and a living ecosystem – 90% reported the river felt more personally relevant after the programme.

Alis Templeton was commissioned to undertake an independent impact and evaluation report on Lost & Found. She concluded:

• Strong project design and experienced management allowed the programme to be delivered on time and to adapt flexibly to changing priorities, ensuring clarity, motivation and collaboration throughout.

• The trainees gained practical heritage skills, confidence and professional networks through a structured seven-week programme and mentoring sessions with heritage professionals.

• Lost & Found consolidated and strengthened partnerships with individuals and cultural institutions such as Royal Museums Greenwich, London Museum, The London Archives and Creekside Educational Trust. These collaborations deepened mutual learning and further increased the Trust’s reputation for project delivery.

Lost & Found demonstrated and finessed a model for accessible, paid training opportunities for people who wish to enter the heritage sector. In addition to helping young Londoners to develop skills and confidence, Lost & Found uncovered overlooked histories from the Thames and brought new audiences into contact with the river’s past

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and present. By bringing these strands together, Lost & Found illustrated the power of mudlarking as a form of ‘unofficial’ history.

Key Takeaways

• The project exceeded all expected KPIs including the number of trainees engaged, the quality and impact of the training programme, and both the depth and breadth of engagement with the public.

• The programme had a positive impact on trainees with 90% reporting they had learned new skills. Two trainees have since progressed within the heritage sector, while two others have returned to full-time education in a relevant field.

Testimonials

“The traineeship has moved me deeply. I have gained so much confidence and self-belief. I now feel as though it is more of a matter of when and not if, I find a full-time job in heritage.” Lost & Found trainee

“This traineeship has really confirmed how much heritage needs community voices, whether it’s young people, whether it’s urban people, ethnic people, working-class people, whether it’s people that aren’t very educated, whatever it is. It’s been quite an empowering thing. I have learnt and truly believe that my voice not only matters but is vital in shaping the sector.” Lost & Found trainee

“When I try to pinpoint what made the project such a supportive, collaborative environment, the thing that comes repeatedly to mind is its commitment to accessibility in all forms. In the basic sense that Tom and the team were so willing to make adjustments to fit our differing requirements, but also in that the huge variety of approaches to the objects we were researching – creative, academic, historical and imaginative – made space for everyone to bring their own unique backgrounds, perspectives and approaches to the table, regardless of whether we had experience with higher education or not.” Lost & Found trainee

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The Trust’s festival programme

Totally Thames

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.

Overview:

• The festival fosters a community of interests, of both individuals and organisations, who are inspired by and care for their rivers. It brings together the river communities through opportunities to take part in the festival. It shines a light on the important work river-interested organisation are undertaking.

• It brings high quality artwork to the Thames, creating opportunities for early career artists, allowing experimentation and new ways of working. It showcases this creativity in iconic Thames venues.

• It creates engaging educational activities which connect with rivers.

• It champions environmental awareness by fostering appreciation of the Thames ecosystem, collaborating with river environmental organisations and promoting activities which inspire care for its natural environment.

• It showcases the Thames as a place of recreation, river sport & wellbeing, and promotes these as amenities available for everyone to enjoy.

• It spotlights London’s river & maritime heritage through inspiring programming which gives voice and opportunity for career development for young people.

Key Takeaways

• We promoted 70 public events (up from 57 in 2024)

• Our live audience grew to 40,493 (up from 22,070 in 2024)

• Our largest audiences, both in-person and online, came from the Great River Race, St Katharine Docks Classic Boat Festival, and the Hands on History: Mudlark Exhibitions. We have greatly improved our visibility at GRR & HoH through both their website and physical events. There is a clear opportunity to improve Totally Thames’ brand visibility at St Kats.

• The Seed Fund Programme achieved strong engagement with 85 applicants (up from 76 in 2024), driven by improved networking.

• The 2025 programme was diversified with jazz, and electronic music. Building on the success of last year we also included contemporary dance at the Brunel Museum.

• The mudlarking programme continued to thrive, reaching larger audiences than ever. The collaboration with London Museum Docklands on ‘Secrets of the Thames’ proved highly successful.

• Environmental events increased from 6 in 2023, to 7 in 2024, and 10 in 2025, reflecting the growing importance of sustainability and climate engagement within our programming.

• We collaborated with iconic riverside venues including Theatreship, Crossness Pumping Station, Two Temple Place, Brunel Museum, and Arts Ark.

• Public recognition of the festival improved notably: 94% of those interviewed knew they were attending a Totally Thames event (up from 85% in 2024). 52% attended more than one event, up from 45% last year.

Testimonial

“Being selected as part of the Totally Thames festival programme has been an absolute game changer for the River Recital. The opportunity helped us sell out our summer show and raise £1,500 for the Museum of Homelessness. Through our collaboration with Totally Thames, it was inspiring to become part of a wider conversation around sustainability, accessibility, and community-driven creativity along the river, connecting artistic expression with the spirit and stories of London’s waterways.” Narotam Horn

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Kids’ Choir education programme

Kids' Choir 2025 saw 300 children come together in The Scoop at More London on Sunday 14 September. The event was promoted as part of the Totally Thames festival. The children sang a repertoire of 8 songs selected and conducted by Richard Frostick. Our learning and participation sessions involved 16 schools across 10 London boroughs, engaging approximately 1,160 pupils in Key Stage 2 (8–11yrs). The project was funded via the Platinum Jubilee Trust, the Gosling Foundation and the Backstage Trust.

We engaged with some of London’s most diverse boroughs, including Newham, Tower Hamlets, Hackney, Lewisham, Southwark, Lambeth and Islington. Most pupils experienced high levels of socio-economic disadvantage. 47% of children who participated were eligible for Free School Meals. Teachers emphasised the importance of this project, particularly for pupils with EAL (English as an additional language). For many, performing at the Kids’ Choir concert was their first time seeing Tower Bridge and the River Thames.

Thames Lens

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.

Key Takeaways

• 410 submissions were received (417 in 2024).

• An estimated 6,766 people saw the 28-day Thames Lens 2025 outdoor exhibition on monoliths on the North Bank by Millennium Bridge.

• A Private View event was held at Woods Quay.

• A new Student and Under 30 category was introduced to nurture new young talent.

Key Takeaways

• 100% of teachers said it improved the children’s self-esteem and confidence.

• 92% strongly agreed it created a sense of belonging for all participants regardless of background or ability.

• 83% of teachers strongly agreed it strengthened connections between children, staff and parents.

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The Trust’s digital programme

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.

• We produced 45 videos reaching an estimated 413,000 views (in 2024 we produced 15 videos reaching 272,000 views).

• We estimate that 51,000 used our website, 39,000 followed us on social media and 8,400 subscribed to our email list.

An integral part of our communications and digital strategy is to look back at the stories and conversations we have created and share them with our audience and further afield. Current videos are added to this ever-expanding archive of the Trust’s work.

• Since 2010, we have produced 281 videos. To date, these have received 1,862,129 views.

The Trust’s financial review 2025

The Trust has ended 2025 in a financial position which provides a strong base to continue its mission across all three strands of its charitable activities in 2026 and beyond.

The delivery of our activities required £612,002 expenditure (+19% vs 2024), financed with £452,266 income (-6%), yielding an overall £159,736 deficit in 2025 – slightly better than originally budgeted.

This deficit is the net result of: (a) £14,903 surplus from unrestricted reserves (for discretionary use), which is pleasing in the current climate, reflecting disciplined financial management; and, (b) £174,639 deficit covered as planned from restricted reserves (attached to projects for which some funding had been received in previous years) – with 2025 costs (£429,454), associated mostly with the completion of two large 3-year projects.

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 2025, the Trust had unrestricted reserves of £336,899 of which £119,911 has been set aside by Trustees under its Reserve Policy. The remaining £216,988 is budgeted as support to develop and enhance our programmes and continue to invest in fundraising in 2026 and 2027. In addition to unrestricted reserves, the Trust also has restricted reserves of £139,058 to cover specific educational and festival projects.

Funding in 2026 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 2026 programme including The Port of London Authority, The City of London, The Vinehill Trust, and the Garfield Weston Foundation. Partner projects are being developed with festivals, events, and strategic initiatives over the 2026-28 period.

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Reserves policy and going concern

Structure, governance and management

At the year end, the Trust had £336,899 of unrestricted reserves and £139,058 of restricted reserves. These reserves together with a further £368,214 in confirmed funding for 2026, provide good reason to conclude that the Trust will be able to maintain all its planned activities and meet its obligations through 2026 and beyond into 2027.

The Trust’s reserves 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 £119,911).

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 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 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.

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 full- and 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.

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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 Trust maintains and regularly updates a Risk Register. This is tabled annually for Trustee approval.

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. In addition, a 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

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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.

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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 16 June 2026

Stephen Warrington Chair of Trustees

Images:

Cover: Thames Lens Winner. Spring Skate. By James Trosh. Page 2: The Litter Detectorists with Thames21. By Lin Bartley. Page 4: Lighting up the Lea at Cody Dock. By Milo Robinson. Page 5 (left): Mudlarking exhibition in Roman Amphitheatre. By Milo Robinson. Page 5 (right): River Recital on the Arts Ark by Tower Bridge. By Milo Robinson.

Page 6: Conduit at Crossness Pumping Station. By Hannah Smiles. Page 7: Thames Lens Runner Up. City on the Thames. By Kim Benson.

Page 8: River of Hope installation at Stockton International Riverside Festival. By Scott Akoz. Page 9: Pupils from the Tees Valley during a workshop with BloomInArt. By Emma Wheetman. Page 10: Lost & Found, The London Archives. By Jon Barlow.

Page 11: Thames Lens Winner. Between River and Sky. By Jonathan Rees. Page 12: The Litter Detectorists with Thames21. By Lin Bartley. Page 13: Thames Lens Runner Up. Mudlarking at night. By Mike Profit.

Page 14: Samara Langham’s Skye Zone Burial. By Deborah Jaffe. Page 15: Lost & Found, Deptford Creek. By Hannah Smiles. Page 17: Skye Zone Burial and Angels Mumble. By Milo Robinson.

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Independent Examiner’s Report

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2025 which are set out on pages 12 to 24.

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 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).

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: June 2026

Kevin Fisher BA FCA CTA For and on behalf of Kingston Burrowes Audit Ltd

308 Ewell Road Surbiton Surrey KT6 7AL

Thames Festival Trust Annual Report | Year ended 31 December 2025

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Statement of Financial Activities

`	Notes	Restricted	Unrestricted	Total	Total
		2025	2025	2025	2024
		£	£	£	£
Income from
Donations and legacies	3	269,287	111,478	380,765	411,285
Charitable activities	4	48,528	10,835	59,363	59,092
Investments		-	12,138	12,138	11,687
		───────	───────	───────	───────
Total Income		317,815	134,451	452,266	482,064
		───────	───────	───────	───────
Expenditure on
Raising funds	5	-	79,500	79,500	74,159
Charitable activities	6	492,454	40,048	532,502	441,532
		───────	───────	───────	───────
Total Expenditure		492,454	119,548	612,002	515,691
		───────	───────	───────	───────
Net (Deficit) / Surplus before transfers		(174,639)	14,903	(159,736)	(33,627)
Transfers		-	-	-	-
		───────	───────	───────	───────
Net (Deficit) / Surplus		(174,639)	14,903	(159,736)	(33,627)
Total funds brought forward		313,697	321,996	635,693	669,320
		───────	───────	───────	───────
Total Funds carried forward	16	£139,058	£336,899	£475,957	£635,693
		═══════	═══════	═══════	═══════

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 22 to 31 form part of these financial statements.

Thames Festival Trust Annual Report | Year ended 31 December 2025

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Balance Sheet

Notes Fixed Assets Tangible assets 11 Current Assets Debtors 12 Cash at bank and in hand Creditors, amounts falling due within one year 13 Net Assets Reserves Funds 16 Unrestricted Restricted	31 December 2025 £ £ - 33,350 477,343 510,693 34,736 475,957 £475,957 336,899 139,058 £475,957	31 December 2024 £ £ - 9,887 659,122 669,009 33,316 635,693 £635,693 321,996 313,697 £635,693	31 December 2024	31 December 2024
				£ - 635,693

For the financial year ended 31 December 2025 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:

• (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

• (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 16 June 2026 and are signed on their behalf by

STEPHEN WARRINGTON, CHAIR

----- Start of picture text -----
PETE STEPHENS, TREASURER
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The notes on pages 22 to 31 form part of these financial statements.

Thames Festival Trust Annual Report | Year ended 31 December 2025

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Statement of Charity Cash Flow

Notes Cash flows from operating activities Net cash used in 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 2025 £ £ (193,917) ────── 12,138 ────── 12,138 ────── (181,779) 659,122 ────── £477,343 ══════ £477,343 ══════	31 December 2024 £ £ (32,886) ────── 11,687 ────── 11,687 ────── (21,199) 680,321 ────── £659,122 ══════ £659,122 ══════

Thames Festival Trust Annual Report | Year ended 31 December 2025

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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.

Thames Festival Trust Annual Report | Year ended 31 December 2025

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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:

• Costs of raising funds comprise the costs relating to donations and grants and their associated support costs.

• Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs.

• Other expenditure represents those items not falling into any other heading.

(f) Allocation of Support Costs

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.

• (i) Debtors

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.

Thames Festival Trust Annual Report | Year ended 31 December 2025

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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.

(n) Pension Costs

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.

Thames Festival Trust Annual Report | Year ended 31 December 2025

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3. Donations and Legacies

Donations and Legacies
	Restricted	Unrestricted			Total	Total
	2025	2025			2025	2024
	£	£			£	£
Public sponsorship and grants	143,468		-		143,468	49,589
Arts Council	124,795		-		124,795	124,795
Private sponsorship, grants
and donations	1,024	111,478			112,502	236,901
	£269,287	£111,478		£380,765		£411,285
Funding from the Arts Council	comprises:-
				2025		2024
				£		£
Project Touring Grant				124,795		124,795
				£124,795		£124,795

Included in 2024 donation and legacy income of £411,285 was restricted income of £342,184 and unrestricted income of £69,101.

4. Charitable Activities

Restricted Unrestricted 2025 2025 £ £ Workshops & registration fees 5,678 - Ticket sales 850 835 Management fees & contracts 35,000 10,000 Join project contributions 7,000 - Other income - - £48,528 £10,835

Included in 2024 charitable activity income of £59,092 was restricted income of £47,423 and unrestricted income of £11,669.

Thames Festival Trust Annual Report | Year ended 31 December 2025

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1. Raising Funds

Raising Funds
Direct Costs Wages and salaries Fundraising costs Support costs (note 7)	Restricted Unrestricted Total Total 2025 2025 2025 2024 £ £ £ £ - 50,866 50,866 50,721 - 23,600 23,600 18,607 - 5,034 5,034 4,831 £Nil £79,500 £79,500 £74,159

Included in 2024 fundraising costs of £74,159 were restricted costs of £Nil and unrestricted costs of £74,159.

6. Charitable Activities

Charitable Activities
	Restricted	Unrestricted	Total	Total
	2025	2025	2025	2024
	£	£	£	£
Direct Costs
Wages and salaries	176,957	11,180	188,137	170,173
Creative programme costs	179,011	13,361	192,372	146,562
Production costs	87,050	8,822	95,872	67,969
Publicity/marketing	27,936	2,900	30,836	35,895
Support costs (note 7)	21,500	3,785	25,285	20,933
	£492,454	£40,048	£532,502	£441,532

Included in 2024 charitable activity expenses of £441,532 were restricted costs of £396,225 and unrestricted costs of £45,307.

A further breakdown by 3 key strands of activity:

			Total	Total
	Restricted	Unrestricted	2025	2024
	£	£	£	£
Totally Thames	-	39,757	39,757	40,239
Education	368,162	-	368,162	312,003
Heritage	124,292	291	124,583	89,290
	£492,454	£40,048	£532,502	£441,532

Thames Festival Trust Annual Report | Year ended 31 December 2025

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7. Support Costs

Support Costs
	2025	2025	2025	2024
	Fundraising	Charitable	Total	Total
		Activities
	£	£	£	£
Office rent and maintenance	38	162	200	200
Telephone and stationery	183	793	976	529
IT and equipment costs	2,036	8,821	10,857	10,392
Bank interest and charges	133	578	711	532
Sundry costs	1,324	8,213	9,537	4,415
Governance (Note 8)	1,320	6,718	8,038	7,701
Depreciation	-	-	-	1,995
	£5,034	£25,285	£30,319	£25,764

The support costs have been allocated directly where possible, and the remaining costs have been allocated to fundraising based upon staff allocation. There was £21,500 of directly allocated support costs that were restricted (2024: £20,312).

8. Governance Costs

Restricted Unrestricted 2025 2025 £ £ Trustees’ insurance - 1,182 Insurance - 2,945 Independent Examiner’s fee 1,000 2,335 Board expenses & recruitment - 576 £1,000 £7,038	Total 2025 £ 1,182 2,945 3,335 576 £8,038	Total 2024 £ 1,562 3,459 2,109 571 £7,701

Included in 2024 governance costs of £7,701 were restricted costs of £Nil, and unrestricted costs of £7,701.

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 £1,182 (2024: £1,562).

10. Staff Costs

Average full-time staff employed was 5 (2024: 4). Administration of payroll is undertaken by Thames 4 Festival Trust.

Remuneration for one employee fell in the band £60,000 to £70,000 for the year (2024: one in the band £60,000 to £70,000). Pension contributions for this employee were £4,200 for the year (2024: £4,200).

Thames Festival Trust Annual Report | Year ended 31 December 2025

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10. Staff Costs /cont

Staff Costs /cont
	2025	2024
	£	£
Wages and salaries	239,512	218,441
Social security costs	22,942	17,680
Pension costs	10,049	8,340
Employers allowance	(10,500)	(5,000)
	£262,003	£239,461

The total remuneration for key management personnel was £83,613 (2024: £82,605).

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

11. Tangible Fixed Assets

Tangible Fixed Assets
	Computer Equipment	Total
	£	£
Cost
Brought forward at 1 January 2025	4,987	4,987
Balance at 31 December 2025	4,987	4,987
Depreciation
Brought forward at 1 January 2025	4,987	4,987
Charge for year	-	-
Balance at 31 December 2025	4,987	4,987
Net book value
As at 31 December 2025	£Nil	£Nil
As at 31 December 2024	£Nil	£Nil

12. Debtors: amounts falling due within one year

2025 £ Trade debtors 1,200 VAT 4,569 Prepayments 2,622 Accrued income 24,959 £33,350	2024 £ 3,240 1,522 5,125 - £9,887

Thames Festival Trust Annual Report | Year ended 31 December 2025

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13. Creditors: amounts falling due within one year

13.	Creditors: amounts falling due within one year
		2025	2024
		£	£
	Trade creditors	10,226	2,889
	Other creditors	12,148	7,839
	Accruals	12,362	12,588
	Deferred income	-	10,000
		£34,736	£33,316
	Deferred income analysis
	Balance brought forward at 1 January 2025	10,000	10,000
	Additions in the year	-	10,000
	Amounts related to incoming resources	(10,000)	(10,000)
	Balance carried forward at 31 December 2025	£Nil	£10,000
14.	Pension Costs
		2025	2024
		£	£
	Defined contribution
	Contributions payable by the company for the year	£10,485	£8,909

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 2025 the Trust had total future minimum lease payments under non-cancellable operating leases as follows:-

operating leases as follows:-
		Other
	2025		2024
	£		£
Within one year	-		1,000
Between two and five years	-		-

Thames Festival Trust Annual Report | Year ended 31 December 2025

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16. Funds Balance at 1 Jan 2025 £ Unrestricted Funds General Fund 321,996 Restricted Funds ACE Touring (River of Hope) 50,540 Water Aid (Sing For Water) - NHLF (Lost & Found) - COL (Turning the Tide (Education)) - PHF (River of Hope) 113,500 PJP Choirs Donation 67,895 PJP ROH Donation 66,762 Gosling Foundation (Kids Choir) 15,000 313,697 Total Funds £635,693	Transfer Balance Between at 31 Dec Income Expenditure Funds 2025 £ £ £ £ 134,451 119,548 - 336,899 159,795 210,335 - - 9,328 9,911 583 - 124,292 124,292 - - 21,050 12,050 - 9,000 - 113,500 - - - 4,016 (583) 63,296 - - - 66,762 3,350 18,350 - - 317,815 492,454 - 139,058 £452,266 £612,002 £Nil £475,957

Funds relating to the year ended 31 December 2024

	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 Touring (River of Hope)	-	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

17. Analysis of Net Assets Between Funds

	Fixed Assets	Debtors	Cash	Creditors	Net Assets
	£	£	£	£	£
Restricted	-	24,959	121,726	(7,627)	139,058
Unrestricted	-	8,391	355,617	(27,109)	336,899
	£Nil	£33,350	£477,343	£(34,736)	£475,957

Thames Festival Trust Annual Report | Year ended 31 December 2025

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Analysis of net assets between funds for the year ended 31 December 2024

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

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

2025 £ Net deficit for the reporting period (159,736) Adjustments for: Dividends and interest from investments and bank (12,138) (Increase)/decrease in debtors (23,463) Increase/(decrease) in creditors 1,420 Depreciation - Net cash used in operating activities £(193,917)	2024 £ (33,627) (11,687) 11,426 (993) 1,995 £(32,886)

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 2025 but not recognised as income due to the recognition criteria not being met amounts to £325,710 (2024: £124,795).

Thames Festival Trust Annual Report | Year ended 31 December 2025

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