Reglstered number: 08399778 Charity number: 1156118 RIVER THAME CONSERVATION TRUST (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
RIVER THAME CONSERVATION TRUST {A company limited by guarantee) CONTENTS Page Reference and adminislratlve details of the Company, Its Trustees and advlsers Trustees. report Independent examinerfs report Statement of financial actlvltles Balance sheet Statement of cash flows 10 Notes to the financial ststements 11-26
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Dr M Barnett Mrs S M Cattell Ms J J Jackson Mr N J Marriner Dr K Mccullagh Mr C O Peers Mr B S Piper Mr D A Wales Mr P M Boone (appointed 24 February 2025) Company registered number 08399778 Charlty reglstered number 1156118 Reglstered office Unit 16, Wheatley Business Centre Old London Road Wheatley Oxford OX33 1XW Company secretary Dr K Mccullagh Chl8f executlve officer Mr W D Fraser Aeeountants James Cowper Kreston Greenham Business Park 2 Communications Road Newbury Berkshire RG19 6AB Bankers Barclays Bank plc 264 Banbury Road Oxford OX2 7DY Page 1
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and the financial statements of the company for the year ended 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitls memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Pradice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1st January 2019). OBJECTIVES AND ACTIVITIES The charitvs objectives are to improve the quality and biodiversity of the River Thame and its surrounding freshwaters and to improve public understanding, appreciation and enjoyment of the river catchment and its wildlife. The Trust operates in Oxfordshire and Buckinghamshire and works with local people - volunteers, farmers, and businesses - in rural and Uan parts of the catchment to improve biodiversity of the river and its surrounding freshwaters and to improve public understanding and enjoyment of catchments and their wildlife. The Trust's activities include: Improving water quality through engagement with landowners. businesses, the community and water companies, as well as monitoring and reporting water quality in the river and its streams,. Nature recovery and habitat resilience through practical works on-th8-ground, and strategic landscape-scale projects. Improving knowledge, understanding and appreciation of the freshwater environment of the freshwater and terrestial habitats and species and the pressures they experience, as a means of better protecting and enhancing them- Increasing the recognition of rivers and streams in local planning frameworks and national policy and legislation consultations - including in close collaboration with other Rivers Trusts regionally and our umbrella national body the Rivers Trust. Strategic principles The Board continued to endorse the Trust's strategic priorities based on five themes.. Nature recovery, river health and environmental sustainability must be the core ultimate purpose of the Trust- attained through the objectives and activities listed above. The Trust should be evidence led, and objective whilst also being a strong and vocal advocate for rivers and nature. In doing so we will maintain our position as a trusted authority on river and wildlife issues. Partnerships. The Trust will encourage delivery partnerships with other organisations with complementary interests. People. The Trust's activities should continue to maximise volunteer led practical I citizen science projects and community education programmes. Financial Sustainability. The Trust should endeavour to diversify and enhance its income and to strengthen its reserves in order to provide adequate working capital and financial sustainability, especially as many project grants are paid retrospectively. Planning for the longer-term The Trust's ability to deliver on its objectives requir8s continued effort to secure funding from a range of sources, whilst ensuring we have the scale of staff resource, and correct mix of skills, to deliver effectively. Efforts to secure income focus on public bodies such as Defra, Environment Agency and Natural England and local government, charitable trusts and foundations, grants from individuals and local organisations, and more recently crowdfunding initiatives such as through the Big Give's Green Give platform. Page 2
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Resourcing levels and skills required to deliver projects are kept under regular review to ensure existing and prospective commitments Can be effectively delivered. This includes the use of project resourcing tools, careful consideration of bidding for new projects, staff succession planning and a staff appraisal and training needs process. The Trust is increasingly securing multi-year projects, which together a reputation with key funders and partners for dependable delivery, is providing a basis for longer-term, more strategic planning. This marks a change from previous dependence primarily on single year funding agreements. ACHIEVEMENTS AND PERFORMANCE During 2024-2025 the Trust again made substantial progress through successful delivery of projects, increasing the number of volunteer activities, consolidating the farm clusters and raising recognition of the Trust as a reliable delivery partner. Such progress has helped the Trust bid successfully for projects under new national initiatives such as Landscape Recovery and Biodiversity Net Gain. These projects are in line with the Trust's medium and long tem) strategy requiring recruitment of additional staff both to deliver the projects and to provide additional managemenufinancial support for a small, but growing Charity. During the financial year, RTCT has b88n active across the following.. advocacy and influencing- on-the-ground habitat creation and enhancement- implementation of physical catchment management initiatives; monitoring and understanding. and education. Advocacy and Influencing Influencing catchment land use for water and biodiversity benefit was a hugely important focus for the RTCT. Funding from both the Rothschild Foundation (RF} strategic fund, and the Environment Agency has allowed the Trust to promote regenerative farming practices within catchment. RF funding has enabled the Trust to convene the Thame Catchment Farm Clust8r and to facilitate its outreach. Another important project focused on land use is the ongoing Ock and Thame Farmers Floodplain and Wetlands project, undertaken in partnership with the Freshwater Habitats Trust. This Defra Funded project places RTCT, and participating landowners at the forefront of the practical rollout of Defra's new policies for land management. If the ongoing two-year "project development phase" is approved by Defra (evaluation is scheduled for early 2026), participating landowners will have the option of entering into a 20-year agreement. The details have still to be worked out, but in return for adopting water and wildlife friendly farming practices farmers could expect to receive an income that is expected to comprise a blend of public funds and private funds (payments from beneficiaries from e.g. flood alleviation, reduced water pollution). On-the*round habitat creation and enhancem6nt Species recovery work included delivery of our water vole project undertaken in partnership with BBOWT, and funded by Natural England Species Recovery programme. Species recovery strategies for water vole and curlew were also developed through the Landscape Recovery Programme, such that Landscape Recovery projects can be delivered to provide long-term prospects for those iconic species to thrive. Chalk streams continued to be a key focus of our activities through our Environment Agency funded chalk stream programme. Habitat conditions have been improved at a number of locations throughout the chalk stream tributaries. RTCT'S neOrk of volunteers was invaluable in delivering much of this work through RTCT led work-parties. In response to the increasing frequency of drought and flood conditions, RTCT undertook a project, funded by the Environment AgenGy, to create a series of "backwaters" adjoining the main River Thame. SuGh backwaters provide a refug8 for fish and other wildlife during high flows, and also provide additional habitat during low flow conditions. The intention is to monitor the backwaters as they becom8 @Stablished in order to fully understand their eff8¢tiveness and to use the lessons learned to infomi the design and implementation of future climate resilience measures. Page 3
RIVER THAME CONSERVATION TRUST (A company Ilmited by guarantee) TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Implementatlon of physical catchment management initiatives RTCT engaged with a number of partners to explore the potential of Natural Flood Management (NFM} approaches to alleviata flood risk, recognising that NFM solutions have potential to provide wider ecological and environmental benefits. RTCT worked in partnership with Thames 21 and the Chilterns National Landscape to support Buckinghamshire Council to explore the feasibility of NFM solutions for a number of affected communities in Buckinghamshire. Working with one of our catchment landowners, and in partnership with Bucks Council and the Trust for Oxfordshire's Environment (TOE), RTCT helped deliver one of the first Habitat Banks for the supply of Biodiversity Net Gain Units. BNG being required of new planning developments to offset any losses of biodiversity resulling from the Development. RTCT provided ecological advice on the management required. and undertook habitat works. The project's pioneering nature attracted national attention, enabling RTCT and project partners to present at the national conference of the Chartered Institute of Ecology and Environmental Management. Monitoring and understandlng Improved understanding of our catchment and the impacts acting upon it has been pursued via a number of monitoring initiatives. Citizen science plays an important role in RTCT'S monitoring work, most notably the water quality monitoring network. The network comprises volunteers, trained by the RTCT, who collect water quality samples and make observation on river conditions at key locations throughout the catchment, on the same day, every month. This project helps us build up a picture of river health across the catchment and throughout the year, identify sources and scale of pollution sources, and importantly, generated a body of informed. engaged individuals. who are able to champion rivers, and advocate effectively for river health. We undertook our second consecutive year of fish surveys to better understand, and in turn protect those fish communities in the chalk tributaries (thus complimenting the EA'S wider survey programme which focuss8s primarily on the main River Thame)- We aim to establish fish surveys as an annual feature- both to assess fish populations over time, but also to understand and evidence the effectiveness of our and others conservation efforts- e.g. by comparing before and after results. Educatlon RTCT is keen to establish programmes of environmental education across all age groups. Good progress was made on this front through delivery of the Salmon School, in parallel with a number of neighbouring Rivers Trusts, the Thames Rivers Trust. the Missing Salmon Allian and the National Rivers Trust. Although Salmon is not a species we are ever likely to encounter in the Thame, salmon provide an excellent focus for inspiring people, and exploring many of the impacts to which rivers and their wildlife are subject. FINANCIAL REVIEW Improvements to the structure and fom)atting of the quarterly Management Accounts from previous financial years has meant that the Finance Committee Board has been able to give the Board a more robust appreciation of income, project spend and overheads. Further improvements to the transparency and efficiency of reporting have continued over 2024-2025. Where funders agree. projects are costed on a full cost recovery model. to ensure sufficient funding for core overheads. This minimizes the need for unrestricted reserves as projects aim to be self-funding. 2024-25 Accounts The 2024-2025 accounts came close to budget. During this 12 month reF)Orting period (April 2024 to March 2025) incoming resources totalled £600,247 (12 months to March 2024, £474,601). During the year, the Trust spent £571,912 (12 months to March 2024, £507,670) on charitable activities and £nil (12 months to March 2024. £1,260) on fund-raising activities and reported a surplus for the year of £23,090 {12 months to March 2024 deficit of £23,204}. Page 4
RIVER THAME CONSERVATION TRUST (A company lirnited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Trustees have discussed the appropriate level of reserves on a number of occasions, and have concluded that the organisation needs to hold reseNes at a minimum of 6 months of overhead costs, including the full salary cost of all the staff. This currently would set our required unrestricted reserves at around £195,000. Unrestricted reserves are currently higher than this level, at £326,533, and the trustees are comfortable with that, given the precarious nature of securing funding for project work each year, most of which is short tem (less than 12 months) in nature. At the end of this 12 month period the Trust had reserves totalling £538,383 of which restricted reserves were £211,850, and unrestricted reserves were £326,533. £205,880 of the reserves have been invested in CCLA. Investments RTCT has a policy on investment5, which allows for up to £250,000 to be invested, in order to protect the organisalion from the negative impact of inflation. The objective is that invested funds grow at a level greater than inflation, but with funds invested in assets that Can be turned into cash at short notice if required. At the end of March 2025, RTCT held investments to the value of £205,880 with CCLA, split equally belJNeen separate funds. Going concern The Trustees consider that there are no material uncertainties that would affect the Trust's ability to continue as a going concern. STRUCTURE. GOVERNANCE AND MANAGEMENT The charity is established as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 12 February 2013. It is under the control of the Board of Trustees. New Trustees are appointed by the Board of Trustees. The trustees, who are also the directors for the purpose of company law, and who served during the year.. Dr K M¢Cullagh Mrc O Peers Mr D A Wales Dr M Barnett Mr B S Piper Ms J J Jackson Mr N J Marriner Mrs S M Cattell Mr P Boone Dr M Barnett submitted his resignation in July 2025 after the end of Financial Year 2024-2025. Possible new Trustees are identified in a number of ways.. Personal contacts,. The Trust's volunteer neOrt(., and Approaches to organisations such as OCVA (Oxfordshire Community and Voluntary Action) and professional bodies with a description of the Trust and its work and the specific experiencelskill set that would be useful to strengthen the effectiveness of the Board. Following an initial conversation with the Trust's chair, the individual is invsted to a Board meeting as an observer. At the end of meeting. once the observer has left, the Board is asked whether or not an invitstion to join the Board is made. Page 5
RIVER THAME CONSERVATION TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 New Trustees are given an induction to the Trust by the Chair and by the Chief Executive. A recent initiative by the Rivers Trust provides member Trusts the opportunity to send Trustees andlor senior staff on a Trustee Induction and Refresher course run by NCVO (National Council for Voluntary Organisations). ADDroved bv order of the members of the board of Trustees and signed on their behalf by: Dr K Mccullagh Trustee Date: 9th September 2025 Page 6
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examinerfs R8port to the Trustees of River Thame Conservation Trust ('the Company.) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and Basis of Report As the Trustees of the Company (and 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 8xamination of the Company's accounts carried out under section 145 of the Charities Act 20111'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 Ststement 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 confimi that l am qualified to undertake the examination because l am a member of FCA, 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: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts giv8 a 'true and fair, view which is not a matter considered as part of an independent examination., or 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 wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so Ihat I might state to the Companls Trustees those matters l am required to state to them ir) an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Companls Trustees as a body, for my work or for this report. Signed: Alexand8r Peal Bsc {Hons) FCA DChA James Cowper Kreston Greenham Business Park 2 Communications Road Newbury Berkshir8 RG19 6AB Dated.. Page 7
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Investments 2,716 541,948 2,017 50,673 2,893 4,733 592,621 2.893 1,567 470,437 2.597 Total Income 544,664 55,583 600,247 474,601 Expenditure on: Raising funds Charitable activities 1,260 507,670 510,161 61,751 571,912 Total expenditure 510,161 61,751 571,912 508,930 Net Incomel(expendlture> before not (losses)Igains on investments Net (losses)Igains on investments 34.503 (6,168) (5,245) 28,335 (5,245) (34,329) 11,125 Nat movement in funds 34,503 {11,413) 23,090 (23,204) Reconciliatlon of funds: Total funds brought forward Net movement in funds 177,347 34,503 337.946 (11.413) 515,293 23,090 538,497 (23,204) Total funds Carried forward 211,850 326,533 538,383 575,293 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 11 to 26 form part of these financial statements. Pag8 8
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) REGISTERED NUMBER: 08399778 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Investments 1,813 4,697 161,125 12 2,413 205,880 13 208,293 167,635 Current assets Debtors Cash at bank and in hand 14 49,089 387,157 72, 157 294,292 436,246 366,449 Current Ilabilities Creditors.. amounts falling due within one year 15 (106,156) (18,791) Net current assets 330,090 347, 658 Total net assets 538,383 515,293 Charity funds Restricted funds Unrestricted funds 16 16 211,850 326,533 177,347 337,946 Total funds 538,383 515,293 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilitl8s for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by- /¢. rf'L//7 Dr K Mccullagh Trustee Date.. 9th September 2025 The notes on pages 11 to 26 form part of these financial statements. Page 9
RIVER THAME CONSERVATION TRUST (A company Ilmited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flov from operating activities Net cash used in operating activities 139,972 (30,542) Cash flows from investing activities Interest received Purchase of tangible fixed assets Purchase of investments 2.893 2,597 (996) (SO,000) (150,000) Net cash used in investing actlvities (47,1071 (148,3991 Change in cash and cash equivalents In the year Cash and cash equivalents al the beginning of the year 92,865 (178,941) 473,233 294,292 Cash and cash equivalents at the end of the year 387.1 $7 294,292 The notes on pages 11 to 26 form part of these financial statements Page 10
RIVER THAME CONSERVATION TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 General information River Thame Conservation Trust is a private Company limited by guarantee and incorporated in England and Wales, and a registered charity (number: 1156118). 1.2 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. River Thame Conservation Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy 1.3 Going concern The trustees believe, at the time of approving the financial stalements, that the charity has adequate resources to continue in operational exislence for the foreseeable future. Therefore, the financial statements are continued to be prepared using the going concem basis of accounting. 1.4 Income All incom8 is recognised once the Charity has entitlement to the income, aft@r any performance conditions have been met, it is probable that the income will be received and the amount of income receivable can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised when the charity has been notified of the donation, except where performance conditions require the deferral of the amount. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for speGific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Page11
RIVER THAME CONSERVATION TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (contlnued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct Gosts attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributabl8 to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for it5 charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable aclivities is incurred on directly undertaking the activities which further the Compantys objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.6 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 institution with whom the funds are deposited. 1.7 Intangible assets and amortisation Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on inlangible assets at rates calculat8d to write off the cost of each asset on a straight-line basis over its expected useful lrfe. Amortisation is provided on the following basis: Website costs 33 ts/o Straight line 1.8 Tangible fixed assets and depreclatlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tsngible fixed assets are rneasured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 12
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.8 Tangible fixed assets and depreclatlon (contlnued) Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis- Plant and equipment Computer equipment 200/0 straight line 330/0 straight line Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities. 1.9 Investments Fixed asset investments are a form of financial inslrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Statement of financial position date, unless Ihe value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses} on investm&nts' in the Statement of financial activities. 1.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. PrepayTnents are valued at the amount prepaid net of any trade discounts due. 1.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of tha deposit or similar account. 1.12 Liabllitles and provisions Liabilities ar8 recognised when there is an obligation at the Statement of financial position date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.13 Pensions The Company op8rates a defined contribution pension scheme and the pension charge repres8nts the amounts payable by the Company to the fund in respect of the year. Page 13
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (continued) 1.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and us8 of 8ach r8Strict8d fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donatlons and legacies Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Donations and gifts 2,716 2,017 4,733 Restrictgd Unrestricted funds funds 2024 2024 Total ftinds 2024 Donations and gifts 558 1,009 1,567 Income from charitable activities Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Conservation Grants and Project Income 541,948 50,673 592,621 Page 14
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities {continued) Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Conservation Grants and Project Income 442,873 27,564 470,437 Investment Income Unrestrlcted funds 2025 Total funds 2025 Bank interest 2.893 2,893 Unrestricted funds 2024 Total funds 2024 Bank interest 2,597 2,597 Expenditure on raising funds Fundralslng and publicity Unrestricted funds 2024 Total ftinds 2024 Other fundraising costs 1,260 1,260 Page 15
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2025 2025 Total 2025 Conservation costs 510,161 61,751 571,912 R8Strict8d Unr8Strict8d funds funds 2024 2024 rotal 2024 Conservation costs 336,511 171,159 507,670 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Conservation costs 567,628 4,284 571,912 Activities undertaken directly 2024 Support costs 2024 Total fvnds 2024 Conservation costs 504.063 3,607 507,670 Page 16
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continuad) Analysis of direct costs Total funds 2025 Total funds 2024 Staff costs Depreciation Travel and subsistence Telephone, internet and postage Subscriptions Professional fees Office rent 340,923 4.097 859 272,408 5,161 954 1,060 1,275 3,275 14.570 28 1,585 465 2,670 9,444 2,710 715 3,107 180,845 932 846 4,088 14,037 6,292 1,605 574 (683) 11,899 16,126 44 Recruitment Printing and stationery Office equipment Miscellaneous expenses Information technology Audit and accountsncy fees Conferences and marketing Staff training Conservation costs 693 169,087 567,628 504,063 Analysis of support costs Total funds 2025 Total funds 2024 Trustees meetings and expenses Insurance Bank fees Govemance costs 364 3,031 99 790 141 2,610 106 750 4,284 3,607 Page 17
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent examinerfs remuneration 2025 2024 F88s payable to the Companys independent examiner for the independent examination of the Companls annual accounts Fees payable to the Companvs independent examiner in respect of: All other services not included above 790 750 2.710 2,000 Staff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 290.301 25,333 25,289 231, 950 19,582 20,876 340,923 272,408 The average number of persons employed by the Company during the year was as follows.. 2025 No. 2024 No. Employees The number of employees whose employee benefits (excluding employer pension costs} 8xceeded £60.000 was.. 2025 2024 In the band £60,001- £70,000 10. Trustees, Temuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 18
RIVER THAME CONSERVATION TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Intangible assets Website costs Cost At 1 April 2024 5,400 At 31 March 2025 5,400 Amortisatlon At 1 April 2024 Charge for the year 3,587 1,813 At 31 March 2025 5,400 Net book value At 31 March 2025 At 31 MarGh 2024 1,813 Page 19
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tanglble flxed assets Plant and equlpment Computer equipment Total C05t or valuation At 1 April 2024 10,779 6,038 16,817 At 31 March 2025 10,779 6,038 16,817 Depreciation At 1 April 2024 Charge for the year 8,552 925 3,568 1,359 12,120 2,284 At 31 March 2025 9.477 4,927 14,404 Net book value At 31 March 2025 1,302 1.111 2,413 At 31 Msrch 2024 2,227 2.470 4,697 13. Fixed asset investments Listed investments Cost or valuatlon At 1 April 2024 Additions Revaluations 161,125 50,000 (5,245) At 31 March 2025 205,880 Net book value At 31 March 2025 205,880 At 31 March 2024 161,125 Pag8 20
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Debtors 2025 2024 Due withln one year Trade debtors 46,294 585 2.210 70,018 Other debtors Prepayments and accrued income 2, 139 49.089 72, 157 15. Creditors: Amounts falling due within one year 2025 2024 Trade creditors Other taxation and social securlty Other creditors Accruals and deferred income 93,778 7,895 983 3,500 3,138 6,148 4,205 5,300 106,156 18,791 2025 2024 Deferred income at 1 April 2024 Amounts released from previous periods Resources deferred during the year 2,000 (2,000) 29,000 (29,000) 2,000 2,000 Deferred income is included within current liabilities wilhin the accruals and deferred income figure Page 21
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Gainsl {Losses) Income Expenditure Unrestricted funds General Funds - all funds 337.946 55,583 (61,751) (5,245) 326,533 Restricted funds Dorchester Weir- Garfield Weston Dorchester Weir Bypass EA Funded Chalk Stream Strategy EA Water Quality Monitoring Catchment Partnership-CABA Farmers Engagement EA Funded Mid Thame River & Floodplain Thame & Ock Catchment Partnership Water Vole Recovery Community Action SusThame Landscape Recovery Finemere NFM 87,747 50,000 (2,747) 135,000 45,000 64,000 26,473 14,750 (45,000) (64,000) (22,723} (18,350) 3,750 3,600 20,000 92,000 (20,000) (92,000) 10,000 (9,000) (19,761) (12,000) (58,500) (95,377) (50,703) 1,000 19,761 13,000 63,000 1,000 71,100 66,600 95,377 50,703 177,347 544,664 (510,161) 211,850 Total of funds 515,293 600,247 (571,912) (5,245) 538,383 Restrlcted funds Dorchester Weir- Garfield Weston The Garfield Weston Funding was awarded to deliver a fish pass project (Dorchester Weir). SusThame This is a grant award to work wtth farmers to encourage adoption of water and wildlife friendly famiing approaches. Page 22
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statement of funds (contlnued) statement of funds - prlor year Balance at 31 March 2024 Balance at l Apnl 2023 Gains/ (Losses) Income Expenditure Unrestricted funds Gan8ral Funds - all funds 468,070 31,170 (172,419) 11,125 337,946 Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses) Income Expenditure Restricted funds Stadhampton Weir Bypass EA Funded Dorchester Weir- Garfield Weston Dorchester Weir Bypass EA Funded Chalk Stream Strategy EA Water Quality Monitoring Chalk Streams FIPL CCB Catchment Partnership -CABA Defra Nature Based Solutions Farmers Engagement EA Funded Mid Thame River & Floodplain Rivers Week & Conference Thame & Ock Catchment Partnership Water Vole Recovery Community Action SusTham8 133,500 (133,500) 37,747 50,000 87,747 30.350 28,558 28,455 8,897 18,450 1,645 (30,350) (59,558) (28,455) (8,897) (14,850) (1,645) 31,000 3, 600 18,000 5,000 8,500 (18,000) (5,000) (10,180) 1.680 15,000 14.677 15,599 66,800 (5,000) (14,677) (2,599) (3,800) 10,000 13,000 63,000 70,427 443,431 (336,511) 177,347 Total of funds 538,497 474,601 (508,930) 11,125 515,293 Page 23
RIVER THAME CONSERVATION TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Summary of funds Summary of funds - current year Balanco at 31 March 2025 Balance at 1 April 2024 Gainsl (Losses) Income Expenditure General funds Restricted funds 337,946 177.347 55,583 544.664 (61,751) (510,161> (5,245) 326,533 211,850 515,293 600,247 (571,912) (5,245) 538,383 Summary of funds - prlor year BalanGe at 31 March 2024 Balance at l April 2023 Gains/ (Losses) Income Expenditure General funds 468,070 70,427 31,170 443,431 (172,419) (336,511) 11,125 337,946 177,347 Restricted funds 538,497 474,601 (508,930) 11,125 515,293 18. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,413 2,413 205,880 205,880 132,128 436,246 (13,888) (106,156) 304,118 192,268) Total 211,850 326,533 538,383 Page 24
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Analysls of net assets between funds (continued) Analysis of not assets between funds - prior year Restricted Unrestricted funds funds 2024 2024 Total ftinds 2024 Tangible fixed assets Intangible fixed assets Fixed asset investments 4,697 1,813 161,125 189,102 (18,791) 4,697 7,813 161,125 366,449 (18,791) Current assets Creditors due within one year 177,347 Total 177,347 337,946 515,293 19. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net incomelexpenditure for the year (as per Statement of Financial Activities) 23,090 (23,204) Adjustments for: Depreciation charges Gainsl{lossesl on investments Dividends, inter8Sts and rents from investments Decrease in debtors InGreaselldecrease) in creditors 4,097 5,245 (2,893) 23,068 87,365 5,173 (11.125) (2,597) 138,448 (737.237) Net cash provided byl(used in) operating activities 139,972 (30.542) 20. Analysls of cash and cash equlvalents 2025 2024 Cash in hand 387,157 294,292 Pag8 25
RIVER THAME CONSERVATION TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 294,292 92,865 387,157 294,292 92,865 387,157 22. Pension commllments The charity operates a defined contribution pension scheme. Th8 assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £25.289 (2024- £20.876). NIL (2024- £2.763) were payable to the fund at the balance sheet date and are included in creditors. 23. Operating lease commilments At 31 March 2025 the Company had commitmants to make future minimum lease payments under non- cancellable operating leases as follows: 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 843 843 1,686 24. Related party transactions Th8 Company has not entered into any related party transaction during the year, nor are there any outstanding balanS owing beeen related parties and the Company at 31 March 2025. Page 26