## **River Thames Boat Project General Report and Financial Statements 2024-25** Company Number: 3953201 Charity Number: 1080281 |**Contents**|| |---|---| |**Directors' Report**|1| |**Directors' Report - Review of the Year**|5| |**Public Benefit Statement**|9| |**Financial Results**|10| |**Clients 2024-25**|12| |**Donors and Benefactors 2024-25**|13| |**Volunteers 2024-25**|15| |**Financial Statements - Accounts for 2024-25**|16| |**Notes to the Financial Statements**|20| |**Independent Examiner’s Report on the Accounts**|29| ## **Directors’ Report** ## **General Information** River Thames Boat Project is a not-for-profit company limited by guarantee that is registered with the Charity Commission. The charity’s mission is to give people opportunities of experiencing river and waterways environments for the benefit of their personal, social and educational development. We focus especially on children, young people, older people and those with disabilities from London and the South East of England. ## **Patrons:** Baroness Jane Campbell of Surbiton DBE Anne Usher (née Dickins) MBE Sir David Suchet CBE ## **Honorary President** : Richard Robinson ## **The Trustees and Directors of the Company are:** Paul Barry Richard Boult Heather Dawson (Vice Chair) Chris Deavin (retired March 2025) James Graham (elected July 2025) Ami Haralambous (elected July 2025) Matt Harrison (retired December 2024) Maria Netley Jane Newman Andy Reynolds (elected January 2025, retired December 2025) John Tamsitt Steven Wibberley (Chair to February 2025 when he retired) Dennis van Wonderen (elected February 2025, Chair from March 2025) ## **Company Secretary:** Linda Varney 1 ## **Principal activities** River Thames Boat Project provides therapeutic and recreational cruises and educational activities on the Thames, using our community boats, _Thames Venturer_ and _Thames Discoverer._ Our boats are crewed by volunteers working with trained skippers. We run therapeutic full-day and half-day cruises, designed to provide a beneficial experience for people with physical or learning disabilities, and for older people. We offer a range of educational programmes and activities, mainly (but not exclusively) for younger people. These include School on the River and Eco Venturers days, which are for primary school aged children, and shorter sessions for youth groups. Our educational activities are professionally led and supported by volunteer teachers. Further information about how we deliver our charitable purpose and what we do is available on our website: www.thamesboatproject.org. ## **Community presence and fundraising** As part of building community links, and for fundraising purposes, we take our boats to local riverbased events, and work with other river-based organisations. In 2024-25 we attended some local fairs over the Summer to raise our profile and ran water stations at various running events across Richmond and Kingston boroughs, for which the charity received a donation from the organisers. As well as promoting the work of the charity, we received a number of bookings and raised interest in volunteering for the charity. Some of our staff and volunteers took part in the Rotary Santa Sleigh collections, collecting money for local charities, including RTBP and one of the Trustees volunteered at the Hampton Beer Festival, for which RTBP received a large donation. We also hosted a meeting of local Mayors onboard _Thames Venturer_ , to discuss and agree commitments to an initiative called ’Drinkable Thames’. Our boats are also used to earn additional income to support our work, with events and activities such as evening cruises, experiential learning opportunities, community hospitality events or meetings, events run by the Friends of the River Thames Boat Project (an organisation run by volunteers to bring financial support to the charity) and hire to volunteers for their own gatherings and fund-earning events. In 2024-25 we ran various events for the Friends/volunteers of RTBP, including a visit to the RNLI station in Teddington and an afternoon tea cruise, as well as holding our Christmas Cheer Afloat evening onboard _Thames Venturer_ , our Volunteers Supper and an annual fundraising quiz. Details of events, training days and income-raising cruises in 2024-25 are provided in our Public Benefit Statement on page 9. 2 ## **Staff and volunteers** Our activities are managed and delivered by a team of part-time staff, each with specialised talents and skills in their area of responsibility. In 2024-25 these were: **Hannah Bottomley** - responsible for managing our education and learning activities. **Pippa Butterfield** - responsible for client bookings, office management and finance. **Glenn Collins** - responsible for skippering both boats and the management, safety, upkeep and maintenance of our boats. **Neil Couzens** (left May 2024) **-** General Manager of the team and responsible for marketing and fundraising, including grant funding and community liaison. **Lydia Stockbridge** (joined December 2024) - responsible for marketing and fundraising, including grant funding and community liaison. The charity benefits from the support of many volunteers, who act as skippers, boat crew and teachers, as well as event and fundraising supporters and office helpers. A full list of our volunteers is given on page 15. ## **Equality, training and people development** The directors pursue a policy of equal treatment towards people with physical or mental disabilities, who form an important part of our clientele. _Thames Venturer_ was converted to make it possible for wheelchair users to access all passenger facilities on board, including the toilets and shower. _Thames Discoverer_ was specially designed as an accessible boat, with the needs of our client groups in mind. We apply a policy of equal treatment for all staff and volunteers, who need to be able to perform the duties required of them in a safe, timely and effective manner, recognising that our clients' health, safety and welfare remain paramount. This means that we devote a significant number of days a year to developing staff and volunteers’ skills. Crew training covers boat operations, health and safety, emergency drills, safeguarding and disability awareness; in addition, we run teacher training days for those working on our education programmes and activities. 3 ## **Risk** Because of the nature of our work on the water, it is our policy to keep business risk and operational risk assessments up-to-date and to adopt measures to mitigate or minimise identified risks to the greatest extent practicable. We have a thorough Risk Assessment process based on risk severity and mitigation. Mechanical issues on _Thames Discoverer_ and the river being in flood at the end of the cruising season, impacted our ability to earn the full potential of cruising income in the season.Significant amounts were spent on remedial work to _Discoverer_ and the issues have now been resolved. The Trustees and Boat Manager have worked hard to invest in and maintain the operational effectiveness of both boats. We have also recruited and trained more volunteers to teach, crew and skipper both vessels, in order to increase our capacity for both education and cruises.. The Directors are working on strategies to increase income to cover this impact on our boat maintenance reserves and to return us to operating break even. The investment in boats and in our staff will strengthen our operations and our ability to help those in need, through our services, for many years to come. Further improvements to Canbury Wharf will allow us to develop it as moorings for both boats and a hub for our activities. Our vision includes creating a safe, accessible space that becomes an integral part of the local community. Having the security of the Wharf will help us plan for the future. 4 ## **Review of the Year** ## **Summary** During 2024-25 River Thames Boat Project continued to provide time on the river for those who really benefit from it. We faced a number of challenges including the ongoing maintenance costs of the boats; higher than normal red board days resulting in cruise cancellations; schools having less budget to purchase education days; and funding bodies tightening or closing their grants. However despite these setbacks, we had a good season of cruising, a high number of education bookings and volunteer numbers were greater than in 2023-24. _Thames Discoverer's_ maintenance problems included the need for a new gearbox with _Venturer_ replacing _Discoverer_ for some cruise bookings while _Discoverer_ was being repaired. _Thames Venturer_ went into dry dock over Easter 2024 for a hull survey and engine work The survey identified some very thin sections of hull, which have now been overplated. This should keep TV on the water for the time being but is _The children loved all the_ of concern for the longer term. The survey also highlighted the need _hands-on activities and_ for engine maintenance and upgraded Man Over Board equipment. _learnt a lot._ (Teacher) Despite initial concerns that the maint _e_ nance wo _r_ ks would impact our school bookings, we were pleased to have _Venturer_ back in time for our first sessions after the Easter holiday. School on the River booking numbers continue to rise and there was an increase in our sustainability education programme, Eco Venturers, in 2024-25. Training along with boat reliability was a major focus over the 24-25 Winter period. Crew met weekly through the closed Winter season for various tasks, ranging from developing operations’ notes for both vessels to reworking the plumbing to _Discoverer's_ heating system, which failed once the days got colder. Crew training days took place regularly, including intensive RYA-qualifying helm training for Skippers Mates. Most of the education training has previously been done by observation/role-sharing during school bookings. However, in 2024-25 more training sessions were scheduled during the school holidays, to enable volunteers to discuss activities in greater depth. In early 2025, we secured our office lease with Tamesis Club for another three years, providing us with a stable base to carry out our administrative work and a convenient embarkation point for our cruises. During 2024-25, work continued on improving Canbury Wharf. New pathways were laid and a new fence and gates were erected, including an additional gate at the lower end of the Wharf, enabling direct access to _Discoverer_ from Canbury Gardens. Additional bollards were also added to the Wharf side. Further work to the Wharf is required but significant steps have been achieved. 5 Much of the work on the Wharf was funded by a grant from the Royal Borough of Kingston upon Thames Community Infrastructure Levy, for which we were extremely grateful. Our website design team worked closely with the Office Manager to push RTBP’s new website closer to a launch date; and after much editing, copy writing and liaising with the design company, our new website went live in mid-October 2024. All of our boat documentation was reviewed in 24-25 in preparation for the new website. _Our residents thoroughly enjoyed the trip and found it to be very relaxing. We have immediately booked another trip for them._ (Residential home ) All of this work wouldn’t be possible without the hard work and commitment of all our volunteers, staff, Trustees, Friends and supporters. The Charity simply couldn’t function without their contribution. Particular thanks go to Glenn Collins, Boat Master, Hannah Bottomley, Education Manager, Pippa Butterfield, Office Manager and Lydia Stockbridge, Fundraising and Marketing Manager who continue to run the charity with professionalism and passion. Huge thanks are also due to our President Richard Robinson, whose ongoing support is invaluable and to Steven Wibberley, our former chair, who stood down and left the board in February 2025. RTBP’s new Chair was recruited from outside the charity: Dennis van Wonderen, a local florist, who lives on his boat in Hampton. Dennis is working closely with the staff team and Trustees to improve communication and find solutions for the charity. ## **Operations – cruises and educational activities** In 2024-25 we once again faced a number of challenges: _Thames Venturer_ requiring significant works, _Thames Discoverer_ suffering a mechanical fault, which led to her being out of service for a number of weeks and the river being in flood at the end of the season, We are fortunate to have two boats, so many of the cruises could be transferred onto _Thames Venturer_ , although a few had to be cancelled or postponed to the following year, which accounts for a lower number of cruises than anticipated. Despite these challenges we still had over 85 cruises and welcomed back many organisations, as well as securing bookings with organisations new to us. Feedback was consistently very positive. 6 Neil Couzens, our General Manager, left at the start of May 2024 and an interim freelance fundraiser, Gary Farmer, was taken on for six months. Lydia Stockbridge joined as RTBP’s new Fundraising and Marketing Manager in December 2024. She integrated into the staff team well and embraced bid writing and profile raising. Part of Lydia’s role has also been to manage our marketing, and she has reviewed and updated the marketing strategy, with an emphasis on improving RTBP’s digital presence. Education again had a busy year with Spring Term bookings up to 21 sessions, as opposed to 9 in 2023-24. Most of the bookings were School on the River sessions, which focus on science and geography curriculum links but Hannah also delivered some bespoke sessions, for smaller schools and groups of secondary school children who are unable to attend mainstream education due to complex emotional needs. Our education focus is now on introducing an outreach programme aimed at schools who find it difficult to travel to us or for delivery over the closed Winter season. Thanks to a grant from the Richmond Voluntary Fund, Hannah ran several cruises for Richmond Young Carers with activities including arts & crafts, and games. An on-the-day feedback survey was introduced for schools, which ascertained that 100% of our school clients would book with us again, based on their last experience, and we have a rating of 4.7/5 for the quality of services provided during a school session. ## **Fundraising** Like many charities we are experiencing a squeeze on our finances. Boat costs can be unexpected, even with the best management, and we are working hard to secure new funding and grants. Increasing income was a strategic priority for RTBP in 2024-25 and was achieved, with income up by almost £20K on the previous year. The work that we do on the river is supported each year with donations from regular individual funders, as well as from trusts and other charities. These individuals and organisations, who recognise and appreciate the important benefits provided by our days on the river, include the CH 7 Dixon Charitable Trust, the Elizabeth and Prince Zaiger Trust and the Kay Williams Charitable Foundation. We are grateful for their continued support. We were very fortunate to receive grants during the year from The Barnes Fund, Bentley Motors, The Chapman Charitable Trust, The Foyle Foundation, Garfield Weston, Heathrow Community Trust, The Kaye Pemberton Charitable Trust, The Kingston Council Infrastructure Levy, The Richmond Foundation, The Rotary Club of Teddington and the Hamptons and The Shanly Foundation. RTBP also received generous donations from other large organisations including The National Grid and Reveal Media. The continued support of the Friends of the River Thames Boat Project was key during the year. This regular income, through subscription fees and from associations, provides important stability to the charity and we really appreciate it. During the year, we were sad to lose a few Friends from the RTBP family but pleased to welcome some new Friends. Private and volunteer bookings rose significantly in 2024-25. These activities take place in the evenings and at weekends, outside our core charitable activity time, and this productive use of our boats provides much needed income. Other fundraising activities in 2024-25 included managing water stations for running events, for which the charity receives a donation from the organisers, a quiz night and volunteer social events, such as Bangers and Fireworks. In early 2025 RTBP was chosen as The Windsor Yacht Club’s Charity of the Year. ## **Public Benefit Statement** In considering the charity’s activities, the Trustees have due regard to the published guidance on public benefit. In line with our charitable aims, we run a variety of programmes and cruises for schools and for socially excluded groups, and provide transferable skills training for our volunteers. People of all ages benefit from our services and activities, including those who are vulnerable, isolated and disadvantaged through having disabilities (including mental health conditions), older people, disadvantaged service and ex-service men and women, carers of all ages, young people and school children. 8 We also offer a highly rewarding environment for local people who want to volunteer with us, including those in retirement. All our volunteers benefit from this active and stimulating form of volunteering. In 2024-25, we had 105 volunteers. In 2024-25 we provided: - 86 Therapeutic cruises on the river for 970 clients - 68 Education days for 2,255 school children, accompanied by teachers and helpers. - 8 Cruises for volunteers and private community hire We held: - regular crew training and maintenance days for our volunteer crew and skippers, and 7 teacher training days for our volunteer teachers and teaching assistants. ## **Financial Results** For the year ended 31[st] March 2025, the charity incurred a shortfall of £22,947, which was in line with budget. It was a challenging year financially with _Thames Discoverer_ out of service at various times during the season, due to high river levels and a mechanical fault, which led to the cancellation or postponement of various trips. This resulted in both a loss of fee income and significant spends on repairs and maintenance. 2024-25 was looking to be a good year both cruising and education-wise. However due to the problems with river levels and _Thames Discoverer,_ cruise income was not as high as anticipated and total fee income was £63,571, about 51% of income. However the total fee income was over 20% higher than in 2023-24. 9 The operational loss was the result of lost cruising time during the year when the river was not navigable and _Thames Discoverer_ was out of action due to the mechanical fault, expenses incurred due to essential repairs to both boats and the receipt of a donation subject to such terms that unlike in prior years could not be recognised until the year 2025-2026. The trustees are pleased to report that the cash balances of the Charity declined by only £2,967 on March 2024 despite the overall losses and the significant operational challenges of the year to 31[st] March 2025. A revaluation of both Thames Discoverer and Thames Venturer was undertaken as of 31[st] March 2025. The vessels are recorded in the balance sheet at these revised values. The reduction in their values has been charged against the respective revaluation reserves. The reduction in values was substantial, reflecting the increasing costs of maintaining boats to cruise on the river and the consequential reduced demand for vessels of this type. The reductions are solely a change in value and do not change the cashflows or financial position of the charity. At the end of the financial year, the Designated Development Fund (DDF) balance was £195,838. In time, this will reduce as further capital investment is required to maintain and improve the Canbury Wharf site in Kingston where our boats are moored, in line with Kingston Council’s wishes, and further investment will be needed to maintain and repair our boats. This expenditure will ensure a consistent and reliable service and will allow the charity to increase the scope of its activities and increase its client base ## **Financial Audit** For the year ended 31[st] March 2025 the charity was entitled to exemption from audit under Section 477 of the Companies Act 2006 and under Section 144 of Charities Act 2011. The statements that the directors are required to make in such circumstances are attached to the Balance Sheet. Jon Blythe, a registered chartered accountant, has conducted an independent examination of the accounts and a copy of his report is attached to the accounts. Dennis van Wonderen Chair of Directors 10 ## 13[th] February 2026 Signed with the approval of the Directors on their behalf ## **Clients 2024-25** Client groups marked with an asterisk were new clients in 2024-25. Clients in bold are umbrella organisations which booked cruises for the organisations listed below them starting with a hyphen. |Achievingfor Children|Hounslow Heath School*|Royal Hospital for Neurodisability| |---|---|---| |Alexandra PrimarySchool|Caroline Kerr*|St Agatha's Catholic PrimarySchool| |Barnes PrimarySchool|Kingston Centre for Independent Living|St Andrew's & St Mark's C of E Junior School| |BishopPerrin School|Latchmere School|St Luke's C of E PrimarySchool| |Brinsworth House|**Lest We Forget**|St Mary's C of E PrimarySchool| |Britsh Polio Fellowship|- BLESMA|St Mary's & St Peter's C of E PrimarySchool| |Kirsten Brown*|- Care Ashore|St Paul's C of E PrimarySchool,| 11 |||Chessington| |---|---|---| |Buckingham PrimarySchool|- Friends of Sussexdown|St Paul's C of E PrimarySchool,Kingston Hill| |Care UK|- Royal Alfred Seafarers|Speirs House NursingHome| |- Greville House|- Royal British Legion, Banstead
and District*|Stanecroft Care Home*| |- Sherwood Grange|- Royal Green Jackets|StanleyPrimarySchool| |Chase Bridge PrimarySchool|- The Royal Star & Garter Home|Teddington VoluntaryCare Group*| |Choice Care - Hylton House|- St David's Home|Eilea Tomlin| |Collis PrimarySchool|- Stoll|T.R.E.E.S.| |Coombe Hill Junior School|Marlborough PrimarySchool|- Alfriston DayCentre| |Danesfeld Manor School*|MayburyPrimarySchool|- Ashcombe Court| |Earlsfeld PrimarySchool|Meadlands PrimarySchool|- Banstead Road| |East Sheen Beavers|JennyMeers|- Corbould Close| |Edison PrimarySchool|Motstone Grove|- Ducklys Farm Centre| |Elleray Hall Community
Centre|Newland House School|- Homeland Drive| |Hugh Fells|Tim Parish*|- Links Close| |FiSH Neighbourhood Care
Scheme|The People Hive|- McRae Lane| |Fullerton Court|Prendergast PrimarySchool*|- Raleigh House| |Galvani Charitable Foundaton|Princess Frederica C E PrimarySchool*|- Woodmansterne Road| |The Good Companions|Remark!|Laurie Wills| |HANDS|Richmond Almshouses|Worple PrimarySchool| |Dan Holden*|Richmond YoungCarers|| ## **Donors and Benefactors 2024-25** Our work is made possible only by the generosity of the charity’s numerous supporters. The Directors would like to thank all the many individual and corporate donors, charitable trusts, companies and other organisations that have contributed through donations, grants and gifts in kind. The list of all those who have given so generously, including all the Friends of the River Thames Boat Project, is too long to be fully given. We would particularly like to mention the following: |BarryAdams|Elizabeth and Prince Zaiger Trust|Chris Lemon| |---|---|---| |Al-JazyShippingCompany|Duncan Faircloth|John Maguire| |Awards for All (National
Lottery)|Peter Finch|Graham Marshall| 12 |The Barnes Fund|Leigh Fincke|Sue & Ian McNuf| |---|---|---| |Paul Barry|Ger Foley|Clive Mitchell| |BentleyMotors|The Foyle Foundation|WendyMoss| |BLESMA|The Galvani Charitable
Foundation|Willie Munday| |Josephine Bonfeld|Garfeld Weston Foundation|The National Grid| |Pippa Butterfeld|The Good Companions|Maria Netley| |Val Butterfeld|Roger Goodier|NHP Leisure Developments| |Paul Bywaters|Adrian Gray|Kate Oatham| |John Cannon|Zaria Greenhill|John Ormsby| |Jon Chapman|Hampton Beer Festival|Alan Powell| |Chapman Charitable Trust|Margaret Harrop|Mark Prest| |ChemFlow Environmental Ltd|Heathrow CommunityTrust|H RichardQuinn| |Michael Cooper|Sarah Herrick|Dominic Read| |Edward Corbett|Celia Hodges|Reveal Media| |PennyCowell|Susannah Hughes|The Richmond Foundaton| |Peter Cowell|John &Jacqui Humphreys|Richmond VoluntaryFund| |Bruce Cryer|AnthonyHutchinson|River Thames Society| |Bob Darke|Penny James|Ellen Robins| |Giles Dimock|Jane &JimJewell|Richard &Jane Robinson| |CH Dixon Charitable Trust|Kay Williams Charitable
Foundaton|Rotary Club of Teddington and the
Hamptons| |Kate & Matt Dodds|Kaye Pemberton Charitable Trust|The Royal Alfred Seafarers| |RosemaryDoidge|John Kennett|Royal Borough of Kingston upon
Thames| |Dutch Barge Associaton|Kingston Charitable
Foundation|The Royal British Legion, Banstead
and District| |Paul Edelin|Keith Knox|Runfest Ltd| |Sarah Edmonds|Thomas Lee|Elaine Russell| |Tim Scanlan|John Tamsitt|MaryWebster| |The ShanlyFoundation|Martha Tressler|Rosamund Webster| |Noel Simmons|Linda Varney|Steven Wibberley| |Carolyn Smith|Vivian Walker|Anthea Wilkinson| |The Stragglers RunningClub|MaryWeber|Tim Williams| |Tamesis Club||| 13 ## **Volunteers 2024-25** Our thanks go to the many volunteers who make our work possible. Volunteers perform a wide range of roles in our charity: skippering, crewing, teaching, maintenance, event organisation and manning, catering, administrative and IT support, communications and running the Friends of the River Thames Boat Project. The charity functions over such a wide spectrum of activity due to the many wonderful people who give their time so generously each year. |Stephen Ball|Jenni Dipple|Peter Kitchen|Alan Sammonds| |---|---|---|---| |Paul Barry|EmilyDundon|Keith Knox|Mike Seignior| |Temulun Batmunkh|Paschal Egan|LennyLangridge|Josh Smith| |David Beaumont|LesleyEiloart|Marilyn Larden|Kevin Smith| |David Bentley|Melanie Eyers|Runa Larsen|Nayana Sriinvasu| 14 |Pamela Bentley|Mike Freeman|DannyLau|Warren Stein| |---|---|---|---| |Richard Boult|John Frye|Graham Marshall|Rik Stckney| |Ian Boyd|Ian Galloway|Julian Meers|Juliet Strong| |Jane Bradwell|David Garcia|Mike Mendelson|Mike Sullivan| |Mark Bridger|Fred Green|Birgit Michel|John Tamsit| |David Brown|Catherine Greenwood|Juliet Mills|Jane Thompson| |Erica Brown|Emma Greenwood|PennyMoss|Patrick Thornton| |Paul Bywaters|PennyHamer|Jane Muir|Martha Tressler| |John Cannon|James Hamilton|Maria Netley|Chris Vallender| |David Carter|James Harding|Jane Newman|Kendal van
Antwerpen| |Robin Carter|Mat Harrison|Kate Oatham|Dennis van
Wonderen| |Jon Chapman|Sarah Herrick|Brian O'Connor|Linda Varney| |Ian Chappell|Bernie Hewitson|Peter Oldham|Julian Walford| |Frances Chataway|Vanessa Hodder|Tim Parish|Jane Walton| |Michael Cliford|Dan Holden|Alan Parry|HaofengWang| |Steve Crelley|Julian Holden|HilaryPereira|Alastair Whyte| |Heather Dawson|Stephanie Horsfeld|Melanie Prat|Steven Wibberley| |Nick Daymond|James Huddleston|Kelvin Pye|Mick Williams| |Chris Deavin|Anne Hutchins|Matt Rayner|Nigel Williams| |Damian deBacker|Phil Hutchings|AndyReynolds|John Wilson| |Giles Dimock|Richard Kersey|Steven Riddel|Simon Worthington| |Colin Dipple|||| ## River Thames Boat Project Statement of Financial Actvites (Including Income and Expenditure Account) for the year ending 31st March 2025 |(Including Income and Expenditure
Account)
for the year ending 31st March 2025|||||| |---|---|---|---|---|---| ||||||Total| ||Unrestricted|Restricted|Total Funds|Notes|Funds| ||Funds|Funds|2024-25||2023-24| ||£|£|£||£| |Income:|||||| |Donatons and legacies|46,768|83,049|129,817|3|124,179| |Income from Charitable actvites|63,571|0|63,571|3|52,645| |Other trading actvites|6,764|0|6,764|3|6,031| |Income from Investments|6,971|0|6,971|3|4,468| ||||||15| |TOTAL INCOME
Expenditure on:
Raising Funds
Charitable actvites
TOTAL EXPENDITURE
Net income/(expenditure)
Gains/(Losses)
Net movement in funds
Reconciliaton of funds
Total Funds 1 April 2024 brought forward
Net movement in funds
Loss on revaluaton of fxed assets
Total Funds 31 March 2025 carried forward
River Thames Boat Project
Balance Sheet
as at 31st March 2025
Fixed Assets:
Current Assets:
Stock
Debtors
Deferred expenses
Cash at bank and in hand
Total Current Assets
Liabilites
Creditors: Amounts falling due within one year
Net Current Assets||124,074
83,049
207,124
(353)
(179)
(532)
4
(145,968)
(83,571)
(229,539)
4
(146,321)
(83,750)
(230,070)
(22,246)
(701)
(22,946)
0
0
0
(22,246)
(701)
(22,946)
738,720
25,046
763,766
(22,246)
(701)
(22,946)
5
(339,557)
(339,557)
376,916
24,345
401,263
2024-25
Notes
2023-24
£
£
231,121
8
570,678
310
310
10,433
43,515
20,425
850
239,575
12
242,542
270,743
287,217
(100,601)
9
(94,127)
170,142
193,090|187,323| |---|---|---|---| ||||(527)
(209,683)| ||||(210,210)| ||||(22,887)
0| ||||(22,887)| ||||| ||||| ||||| 16 |Total Assets less Current Liabilites
The funds of the charity:
Unrestricted Income Funds:
General Fund
Revaluaton Reserve: TV
Revaluaton Reserve: TD
Designated Major Repairs Fund
Designated Development Fund
Total Unrestricted Funds
Restricted Income Funds:
Restricted - TV Reft
Other Restricted Funds
Total Restricted Funds|401,263
0
7,461
10
80,000
10
73,620
10
20,000
10
195,838
10
376,919
24,000
10
345
10
24,345
10
401,263|763,767| |---|---|---| |||20,706
176,000
317,177
29,000
195,838
738,721
24,000
1,046
25,046| |||763,767| These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small charities and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The notes at pages 20 to 28 form part of these accounts Signed D van Wonderen Name DENNIS VAN WONDEREN, Chair of Trustees on behalf of the Trustees Approved by the Trustees on 13[th] February 2026 17 ## River Thames Boat Project Statement of Cash Flows for the year ending 31st March 2025 |Cash fows from operatng actvites:
Net cash provided by (used in) operating activities
Cash fows from investng actvites:
Interest income
Purchase of tangible fxed assets (net of specifc income)
Net cash provided by (used in) investing activities
Cash fows from fnancing actvites
Repayment of borrowing
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year|2024-25
2023-24
Notes
£
£
(9,938)
(27,354)
11
6,971
4,468
724
8
9,971
5,192
0.00
0
0.00
0
(2,966)
(22,162)
242,542
232,669
12
239,575
242,542
12| |---|---| 18 ## Notes to the Financial Statements for the year ending 31st March 2025 ## 1. Accountng Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## Basis of Preparaton The financial statements have been prepared on the basis of historic cost, except for the revaluation of the two vessels: the Dutch Barge, Thames Venturer, and Thames Discoverer 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) (effective 1 January 2015) and the Companies Act 2006. ## Income Income is recognised in the Statement of Financial Activities (SoFA) when: - the charity becomes entitled to the resources; - any performance conditions attached to the item(s) of income have been met; - it is probable that the resources will be received; and - the monetary value can be measured with sufficient reliability. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised 19 when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Grants where restrictions on use apply have been identified as restricted income on the SOFA together with the related expenditure. For legacies, entitlement is taken as the earlier date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. ## Income with related expenditure Where income has related expenditure (as with fundraising) the income and related expenditure are reported gross in the SoFA. ## Tangible fxed assets Valuations of Thames Venturer and Thames Discoverer have been conducted as of 31st March 2025. The vessels are shown in the balance sheet as of 31[st] March 2025 at these revised valuations with the change in valuation being charged to the respective revaluation reserves. In prior years the assets have not been depreciated as the expectation was that the vessels would increase in value compared to their net cost to the charity. Following the recent revaluations and a review of the policy, the Trustees intend in future periods to depreciate the vessels over their Useful economic lives to a recoverable amount at the end of these lives. ## Capital expenditure Capital expenditure on the Thames Venturer is written off in the year of expenditure as the barge is re-valued on a periodic basis. Capital expenditure on Thames Discoverer is also written off in the year of expenditure. The boat will be revalued as appropriate. ## Tax reclaims on donatons and gifs Incoming resources from tax reclaims are included in the SoFA when they are received, which may not be in the same financial year as the gift to which they relate. ## Gifs in kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable, with an equivalent amount in Expenditure in kind. 20 ## Donated services and facilites These are only recognised in income (with an equivalent amount in expenditure) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. ## Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. ## Fund accountng Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations or grants which the donor has specified are to be solely used for particular areas of the charity's work. ## Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. ## Pensions Employees of the charity were automatically enrolled into the NEST pension scheme in January 2016, (or when they joined the charity if it was after that date), which is funded by contributions from employee and employer, but are entitled to opt out after enrolment. The employer's contributions made to the scheme in 2024/25 were £2,394 with an employer's contribution rate of 3% of pensionable pay and an employee's contribution of 5% of pensionable pay. ## 2. Legal Status of the Charity The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 21 ## 3. Analysis of Income |3. Analysis of Income||||| |---|---|---|---|---| |Donatons and legacies
Donatons
Friends Contributons
Donatons in kind
Legacies
HMRC Gif Aid Rebate
Grants:
Foyle Foundaton
Richmond Parish Lands Charity
Heathrow Communites for Tomorrow
Garfeld Weston
The Barnes Fund
Hermitage River Projects
The Prince of Wales Charitable Trust
Total Donatons and legacies
Income from Charitable actvites
Fees and charges
Total Income from Charitable Actvites
Income from other trading actvites
Fundraising Events
Sale of Goods|Unrestricted
Funds
£
16,363
10,619
17,004
0
2,781
46,768
63,571
63,571
6,742
22|Restricted
Funds
£
40,749
0
0
0
0
10,000
9,000
10,500
10,000
2,800
0
0
83,049
0
0
0
0|Total Funds
2024-25
£
57,113
10,619
17,004
0
2,781
10,000
9,000
10,500
10,000
2,800
0
0
129,817
63,571
63,571
6,742
22|Total Funds
2023-24
£
80,317
10,699
13,479
0
2,735
0
8,000
0
0
2,800
3,650
2,500| |||||124,180| |||||52,645| |||||52,645| |||||6,021
10
22| |Total Income from charitable actvites
Income from Investments
Bank Interest Receivable
Total Income from Investments
Total Income
4. Analysis of expenditure
Raising funds:
Fundraising expenses
Total Expenditure on Raising funds
Charitable actvites:
Staf Costs
Ofce Rent & Running Costs
Boat Repairs and Maintenance
TV restricted repairs
Boat Running Costs
Equipment
Insurance
Bank charges & interest
Professional Fees
Administraton of the company
Expenditure in kind
Total Expenditure on Charitable
Actvites
Total Expenditure||6,764
6,971
6,971
124,074
Unrestricted
Funds
£
(353)
(353)
(65,918)
(11,347)
(28,523)
(4,073)
(1,787)
(6,752)
(40)
(10,423)
(100)
(128,963)
(17,004)
(145,968)
(146,321)||0
0
0
83,049
Restricted
Funds
£
(179)
(179)
(50,997)
(4,717)
(15,951)
0
(1,987)
(898)
(3,419)
(20)
(5,278)
(304)
(83,571)
0
(83,571)
(83,750)||6,764
6,971
6,971
207,124
Total Funds
Notes
2024-25
£
(532)
(532)
(116,916)
6
(16,063)
(44,474)
0
(6,060)
(2,685)
(10,170)
(60)
(15,701)
(404)
(212,534)
(17,004)
(229,539)
(230,070)||6,031| |---|---|---|---|---|---|---|---|---| |||||||||4,468| |||||||||4,468| |||||||||| |||||||||187,324| |||||||||Total Funds
2023-24
£
(527)
(527)
(151,814)
(12,983)
(19,765)
0
(4,964)
(1,328)
(4,467)
(55)
(592)
(237)
(196,205)
(13,479)
(209,684)
(210,211)| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| 23 ## 5. Reconciliaton of movement in reserves The movement in unrestricted reserves from last year is a reduction of £2,946, being the unrestricted loss for the year. The movement in restricted reserves from last year is £701. This is broken down as follows: |Grant income (b/f from 23/24) spent
Total|701| |---|---| ||701| ## 6. Analysis of staf costs, trustee remuneraton and expenses, and the cost of ## key management personnel |Salaries and wages
Social security costs
Pension costs|2024-25
£
105,793
5,081
2,394
113,267|2023-24
£
135,212
7,721
2,321| |---|---|---| |||145,254| The total of staff costs in note 4 differs from the total above as it includes staff training expenses and recruitment costs. No employee had benefits in excess of £60,000 (2024: None). The charity trustees were not paid and did not receive any other benefits from the charity during 24 this year, neither were they reimbursed expenses during the year (2024: £0). No charity trustee received payment for professional or other services supplied to the charity (2024: £0). The key management personnel of the charity comprise the Trustees, the Office Manager, the General Manager / Marketing and Fundraising Manager, the Environmental Education Manager, the Boat Manager and the Fundraising Manager. The General Manager / Marketing and Fundraising Manager left the charity in May 2024. The Fundraising Manager joined the charity in December 2024. The total employee benefits of the key management personnel of the charity were £0 (2024: £0). ## 7. Staf Numbers The average monthly head count was 3.58 (2023 4.67) and the average monthly number of full-time equivalent employees during the year was 2.57 (2024 3.12 FTE). ## 8. Fixed Assets |Dutch Barge: Thames Venturer
Thames Discoverer
Dock Development|2024-25
£
80,000
150,000
1,121
231,121|2023-24
£
176,000
393,557
1,121| |---|---|---| |||570,678| As set out in Note 10: Reserves, Thames Venturer and Thames Discoverer have been revalued as of 31[st] March 2025, and are stated at their revised valuations. No depreciation was charged in the year. ## 9. Creditors: amounts falling ## due within one year |Creditors
Charge Card
Deferred Income|2024-25
£
1,968
0
98,633
100,601|2023-24
£
1,687
0
92,440| |---|---|---| |||94,127| 25 Deferred income represents payments received for services to be provided in the next financial year and donations received for activities or actions to be performed in subsequent years. ## 10. Reserves ## Unrestricted Income Funds Unrestricted funds are available to spend on activities that further any of the purposes of the charity. ## General Fund The general fund is used to account for all financial resources that are not restricted to specific purposes or otherwise required to be accounted for in another fund. ## Revaluaton Reserve - TV Starting in the financial year 2002, when Thames Venturer was re-valued, a Revaluation Reserve was created to record the increased asset value. Periodically the vessel is appraised for insurance purposes and the Revaluation Reserve is adjusted to reflect the changed figure. Following a valuation conducted as of 31[st] March 2025, the value of Thames Venturer has been reduced to £80,000. The reduction in value of £96,000 has been charged to the reserve. 26 ## Revaluaton Reserve - TD As at 31st March 2018 the new vessel Thames Discoverer was commissioned. The Revaluation Reserve details the restricted income, donations/match-funding, used to build the new boat. Following a valuation conducted as of 31[st] March 2025, the value of Thames Discoverer has been reduced to £150,000. The reduction in value of £243,557 has been charged to the reserve. ## Designated Major Repairs Fund The Directors have authorised the setting aside of funds to meet major repairs, including emergency dry docking operations which are essential to the continuing operation of the charity’s boat(s). An amount of £9,000 has been transferred from this fund to the unrestricted income fund to address a shortfall on that fund arising from the continued high level of repair costs incurred in the year. ## Designated Development Fund The Directors have authorised the setting aside of funds for development of the charity, including refitting Thames Venturer, developing new programmes / activities and developing additional charity facilities. ## Restricted Income Funds Restricted funds are donations which the donor or grantor has specified are to be solely used for particular areas of the charity's work. ## Restricted - TV Reft Fund 27 The Restricted - TV Refit Fund is made up of donations specifically towards the refit of the Thames Venturer. ## Other Restricted Funds Other Restricted Funds are grants or donations towards particular areas of the charity's work excluding the Thames Venturer refit, which have not been spent during the financial year being reported on. ## 11. Reconciliaton of net movement in funds to net cash fow from operatng actvites |Net movement in funds
Add back depreciaton charge
Deduct interest income shown in investng
actvites
Decrease (increase) in stock
Decrease (increase) in debtors
Increase (decrease) in creditors
Increase (decrease) in deferred expenses
Net cash provided by operatng actvites|2024-25
£
(22,94
7)
0
(6,971)
(0)
33,082
6,474
(19,57
5)
(9,938)|2023-24
£
(22,887)
0
(4,468)
0
(28,766)
60,287
514| |---|---|---| |||4,680| ## 12. Analysis of cash and cash equivalents |12. Analysis of cash and cash
equivalents||| |---|---|---| |Cash in hand
Current account
Notce deposits (more than 3 months)
Overdraf facility repayable on demand
Total cash and cash equivalents|2024-25
£
144
23,706
215,725
0
239,575|2023-24
£
(34)
117,575
125,000
0| |||242,541| 28 ## **Independent examiner’s report to the Trustees of the River Thames Boat Project** I report on the accounts of the River Thames Boat Project for the period ended 31[st] March 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and the related notes 1 to 12. ## **Respective responsibilities of trustees and examiner** As the charity’s trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under Section 477 of the Companies Act 2006 and under Section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) of the 2011 Act, and state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention: - which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act - have not been met; or - to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. J. D. Blythe FCA 206 Upper Richmond Road West, London, SW14 8AH 13[th] February 2026 29 30