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 U￿an 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 ne￿Ork 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 ne￿Ort(., 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 be￿een 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 balan￿S owing be￿een related parties and the Company at 31 March 2025.
Page 26