For the year ended 31st March 2018, the charity generated a surplus of £72,095 after gains and losses. This includes a general operational surplus of £3,504 and a surplus of £68,591 relating to restricted income which includes £55,075 grant income received for the construction of the second boat, Thames Discoverer, and £13,516 grant income received to be spent in the next financial year. This gave us a healthy general fund to start off the following year and enabled the charity to assign £9,998 to the Designated Development Fund (DDF), money we lay aside for our future projects.
At the end of the year the DDF was showing a healthy balance of £292,838. However, over the two years 2017-2019 this will reduce considerably as we meet the costs of improving the dock at Kingston and any changes in configuration of the Venturer that may be required.
We also saw a rise in the operational income from £42,939 in 2016/17 to £46,255 for 2017/18. This is very welcome particularly when we are operating within a difficult financial environment.
Grants are down significantly but this is due to an exceptional grant from Veolia in respect of Discoverer in 2016/17. We did receive a new grant in 2017/18 from the Heathrow Community Fund for our educational activities.
The coming financial year will see our two vessels operating in tandem with the possibility of further increasing our operational revenue stream. However, further capital investment will be required to upgrade Thames Venturer and also to improve and maintain the Canbury Wharf site in line with the Council’s wishes. It is intended that these improvements will allow the charity to increase the scope of its activities and thereby increase its revenue.
For the year ended 31 March 2018 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.