2024-03-31-accounts

Reglstered number: 02100358 Charfty numb8r: 296236 The New Medway Steam Packet Company Llmlted (A company Ilmlted by guarantee) Unaudlted Trustees. report and financlal stataments for tho year endad 31 March 2024

The New Medway Steam Packet Company Limited (A company Ilmlted by guarantee) Contents Pyge Relerence and admlnlstratlve delalls of the Charity, it¥ Tru¥tee¥ and advl89rn Chalrnian's statement Trustses, Mport Indopgndent oxamlnafB rnport statement of flnanGial aclivitle3 9-10 11 Balan¢e 8he8t 12 Not•s to the flnanclal slatements 13-25

The New Medway Steam Packet Company Limited (A company Ilmlted by guarantee) Refer8nce and administrative detalls of the Charlty, its Trustees and advlser5 for the year 8nded 31 March 2024 Trusteos P Bathurst J F Kempton, Chalrman R J Stoke5 R P Halton M Bathurst S Gent {appo5nted 15 January 2024) C Matthews lappolnted 25 May 2023. reslgned 6 July 2023) Company raglstered number 02100358 Charlty reglslorgd numbor 298238 Règlsternd offlce Pier Approach Road Gilllngham Kent ME71RX ountant$ KreslDn Reeves LLP Chartered Accountants Monlague Place. Quaysld8 Chatham Maritime, Chatham Kent, ME4 4QU Bankèrs CAF Bank Llmlt8d 25 Kings Hill Avènug West Malling Kent ME19 4TA Sollcltors Martin Tolhursl Partnership 7 Wrolham Road Gravesend Kent DA11 OPD Page 1

The New Medway Stearn Packet Company Limited (A company limited by guarantee) Referonce and administrative details of the Charity. its Trustees and advisers (wntlnued) for the year ended 31 March 2024 Patrons MrTWe8t CBE Slr Mlck Jagger Miss P Scales CBE Mrs A Wesl MBE JP DL Pr¢$ldent Admlral Lord West of Splthoad. GCB. t)sc. pc VIGfr4>resldents Noreen Chambers Robert Barnes 8rlan Burton Independent Examlner Samantha Rouse FCCA DChA Kr88ton Reeves LLP Chartered Accountants Monlague Place, Quay81d& Chatham Mari15me, Chatham Kent. ME4 4QU Page 2

The New hledway Steam PaGket Company Llrnlted IA company Ilmlted by guaranteè) Chalrman's statement for the year ended 31 fiiarch 2024 The chairman presents his statement for the year. This financial year has been a good one for the company and charlty. we have contlnued lo replenlsh our furKI$ and reserves, thanks to the fantastic gen8roslty of our member5, both current and past who hav8 generously supported the ship in thelr wills. In 2024 we saw the 100th annlversary of the launch of the ￿e￿aY QTJeen. which was commemorated by a number of speclal events, whlch has a great impact on our fundraising. including sale of commemoratlve m&rchandlse, Indudlng a speclal beer and gln produced by local suppliers. The ship conllnu8s lo enjoy and be grateful for an excellent volunteer group, worklng in both the workshop and aboard the shlp. leadlng lo great improvements li her fit out and ongoSng work to preserve her infrastructure, and also volunteers working on the board of Iruslees and directors, which continues to grow with new colleagues. The shlp18 now funcllonlng 88 a great venue, ralslng some good revenue from events. from Jazz and Rock cholr events, to weddlng receptions and ghost huntlng evenings. plus the ongoing openings on Saturdays to the general publlc. and at other times, which further leads lo 8ale8 of our merrhandlse, along wlth on Ilne sale8 vla r web slle www.medwayqueen.co.uk We look to the fvlure, next year belng the 851h &nnlversary of th8 evacuation of Dunklrk, and we hope to have the 8hlp at Ramsgale herbour In MaylJune, whlGh wlll fvrther help wlth I￿￿lS l am sure. Pag8 3

The New Medway Steam Packet Company Llmhed (A company limited by guarantee) Trustees. report forthe year ended 31 March 2024 The Trust88s present thelr annual report together with the flnanclal statements of the Charfty for the year from 1 April 2023 10 31 March 2024. The Annual report serves the purpos8s of both a Trust88s' report and a Dir8Gtors' report under company law. The Trustees Confirm that the Annual report and financial statements of the Charity comply with the current slatulory requirements. the requiraments of the Chariws goveming document and the provisions of the Statement of Recommended Pracllce ISORP) applicable to charities preparing their a￿o￿nts in accordance with the Financial Reportiro Standard applicable in the UK and Republ1¢ of Ireland {FRS1021 {effective 1 January 2019). Slnce the Charlty quallfies as small under sectlon 382 of th8 Companies Act 2006, the Strategic report required of medlum and large companle5 under the CompanSes Act 2006 Istrateglc Report and Dlreclors, Report) Regulallons 2013 has been omltted. ObjgGtlves and aGtlvltles . Pollcles and oblectlves The pdnGlpal objeGtIv9 of the Charity Is lo advance public educatlon on the marttlm8 hlstory of Great Brtlaln In partlcular by the restoratlon and prg¥ervatlon of the Paddl& Sloamer Medway Queén. In 8ettlng oblectlves and plannlng for actlvltlgs. the TrLtste08 have glvon duo conslderalton lo g￿er81 guldance published by Ihe Charlty Commlsslon relallng to publlc benefft, including the guidance 'Publlc benefit: runnlng a charlty IPB2)'. b. Voluntoers We rely on volunteer8 for the restoration of the Medway Queen and we enloy the great seTvlce5 of about 25 regular workshop volunte8r8 plu8 a team of 20 plus who are on the board of trustees and dlrectors of the company and who man the shlp on our Saturday open days and evening events. AS with most volunleer and chgrlly groups, we are always on the look out for new volunleeTS. we have for the board to be elected al the comlng AGM, bul also thosa with trad8 skllls. Our volunteers and members of the charity and socl8ty, are the Ilfe blood of the organizalion and we would not be the 8ucce8s we are today without them. c. Maln actlvltles undertaken to further the Charle￿$ purpo8•8 for thè publlc bèneflt In shaplng our oblecllves the Truste8s hav8 conslder6d the Charlly Commlsslon's guldance on publlc beneflt. our place In the broader communlty We lake our place in the local community very seriously and one of the Trustee Board members has speclflc re8ponsibilily for working with the mainly local media. Communications indude regular coverage of our activities in the local press and radio. We have a high profile wthin the heritag8 publications sector with regular appearance of news stories and feature articles. Several volunteers hold 181ks about the Medway Queen for local schools and clubs and soGieli85 across the South and South East. which are well received and a source of donations. We are a member of the Associallon of Independent Musaums and us8 our m8mb8rship to 18am how som8 of th8 small8r historical si18s hav& b8come successful. We also are active with our oyffl Facebook page Medway Queen Preservation Society, and an active web page www.medwayqueen.w.uk. Page 4

"The New Medway Steam Packet Company Llmlted (A Gompany limlted by guarantsel Trustees. report (contlnuedl for the yèar ended 31 March 2024 Achlevements and perforniance a. BaGkground The Medway Queen has a long and varled hlstory but sadly her hull wa5 in a very poor slate of repalr wh8n she aTrived back in Kent in 1984. Th8 rate of decay wa5 Slowed and the ship was kept afloat but gradually the corrosion spread and the effort needed to kè8p h8r afloat Increased. Havlng achleved grant funding, primarli y from the Heritag8 Lottery Fund, the hull has now be8n re-built in Bristol lo th8 1924 specificalion, wth some con¢esslon$ to current requir8ments. She returned lo the Medway on 19 November 2013 to much local acclaim and18 barthed 8t Gillingham Pl8r. Alongslde the berth18 a workshop and vlsitor centre formed from existing buildings on the 8ile. Thè maln purpose of th8 Gillingham Workshops now is to complete the restoratlon of the shlp to a publlc vgnue. with the long term vlew of returnlng lo steam. b. Revlew oe actlvltles Ensuring acc888 to our aGllvltle5 We a¢tlvely encourage new rnernbe￿ and hav8 enjoyed a 81eady stream of r8n8wals and new members. 88pecially at of Aprll 2024 Ihe shlp celebrated her 1 Oolh Anniversary, whlch was celebrated wllh a servlce at Rochester Cathedral and then a members open day and a special day ￿th VIP Including our presldenl Lord West whlch all were a great 8UCC8ss. Our usual openln9 day of a Saturday from 1100 hours to 1500 houTS continue to be véry popular, plug Other days by appointment for groups and others. In addltlon. following the Inslallatlon of lollets on board the shop, we are running a great program of evenlng 8venls, from Jazz lo roGk cholrs to weddlng and blrthday recepllons and paranomial or gho8t hunung events. Beyond the shlp we ￿ntInue wllh our outrèach to dlfferenl groups, Ihls year sadly we 89w the end of th8 Readlng support group lead by Rl¢hard Hallon for the past ￿nty years, $8lling the very successful 00 and N gaugg wagons plus MQ merchandlse. I take thls opportunity In these accounts lo thank Rlchard gnd hls team for Ihelr work and fundraising for the shlp. We stlll enjoy the work of Laurenc8 Cade at Corfe ¢a8118. promollng the shlp Ihere. We continue lo host the Wheelg of Tlme hlgtory program seeing a number of young people comlng lo th& ship and collecting a 8pecial Ma badgo to add to th8 coll8cllon from other siles. We 8180 have great coverag8 In local and national medla. along wllh our web slte vMw.m8dwayqueen.co.uk and Facebook The Medway Queen Preservation Suciety. Our maln contact though with members 1$ Stlll vla our quarterly magazine Full Ahéad. Shlps restoratlon and improvement The great team In thè workshop continue to improve the ship and m81nlain her 8lruclure, as mentloned wè hava new on board tod81 facllllles whlch has greauy improved our offer lo visltors and booked parties and evgnls. W8 wntinue to receive great support from our m8mbers in terms of donations and also of legacies and the support of local and national Companies wlth dlscounts on goods and services and on occasion free supply of such services. c. Fundralsing actlvltlès and Income generatlon Over the first Iw8nty years of exlstence of the Charity the rna￿ objecuve was to secure funds for r851oration of.the Medway Qu88n. Page 5

' The New Medway Steam Packet Company Llmlted {A company limited by guarantee) Trustees, report (contlnuedl for the year ended 31 March 2024 Financial revlew a. Golng GonGern After maklng appropriate enquirles. the Twstees have a reasonable expectation that th8 Charfty has adequate resources to conlinue in operational existenGe for the foreseeable future. For this reason, they continue to adopt the golng concern basis in preparing the financial statements. Further detai18 regarding the adoption of th8 golng conc8rn basls can be found in the accounting policies. b. ResBrvo8 pollcy The Charity has to mainlaln cash reserves lo cover th& Medway Queen's share of the Gos15 Of any further reSt￿allOn work. As al 31 March 2024, ther8 58 Insufficlenl fundlng to undertake the full refit and budgets are being amended a￿OrdinglY, until such tirno that furth8r substsnllal fundlng Is obtalned. At th18 point we consider no specific reserve 1$ n0¢fr98ary. The Trustees bellev? Ihal there are currently sufflclent reseNes, sublecl kn the polnls detalled above. At 31 March 2024. total free reserves amounted lo £46.065 (2023: £35,875). c. Prlnclpal rlskg and uncertalntlfrs We recognlse that Current best pracllce sugg88ls that the Truste88 and Officers should glve thought regulady to the rlsks being run by renov8t6ng the Medway Queen and should Identify r18k management options. Th1$ actlvlly has been in place for some tlme- however we ere revlgwing rl8k8 by w8y of 8 slruclured process as a maller of course on a regular basis and to try lo Idenllfy emerglng challeng8$ or area8 where the rfsk Is emorging, In¢r8481ng or reduclng. Ona of our prlmary rfsks Is flnanclal, belng able to finance the rest of the re51orallon ol the Medway Queen. Th18 18 recelvlng much attènlon from the Trugtees. We have documented a numb8r of other rfsk5 and have Idenllfled a range of mlllgatlon 18ehnlqu88 whlch Indud6 havlng access to skllled volunteers, uslng strong and effvcllve controls and using insuranee wher8 appropriaté. Wè ar8 a180 alert lo the thre81 of fraud. One example of this a¢llv8 rlsk management approach18 the way In whlch wè managè our Insurance covers ￿th our brokers and inSu￿r$. We are continuing a proc&ss of updallng and lormal docum8ntallon of much of our exlstlng gov@manc8 procedures, including policie5, Systems, procedures and ¢onlrol$. Thls Is a slgnlficanl plece of work 8nd has strong Ilnks to the PTolecl supported by Heritage Lottery Fund Iransllon fundlng. We have adopted a new 'besl of bre8d' constitullon 8nd are working on th8 sUPPOrting governance processes. The HLF supported project Included a fomial revlew of our busirw6s plans, with growing competilton for granl funding meaning that having clear and phased plans, Includlng contingency plans, are vital. Our plans wlll Include ensuring that her htslory and heritage are maintained and celebrated and widening her appeal, whilst d8veloping strong strategies for her future financial stability. d. Prlnclpal fundlng We appli8d for, and were successful in achieving. tran8ltion fiJnding from the Heritaoo Lottery Fund (HLF). This has 8nabl8d the Charity to begtn modernlslng and lo be financed during the eady Stagés of praparing credible application for further resloration fundlng. Page 6

The New Medway Stsam Packet Cornpany Llmllod (A company Ilmited by guaranteè) Trustge5' raport Icontinuedl for the year ended 31 MarGh 2024 structure, governance and management a. Constltutlon The Charty is registered as a chadtable company. Ilmlled by guarantee, and was set up by a Mem￿andum of Association. The Company is a register6d charlty number 296236. b. Method¥ of appolntment or el•ctlon of Trustees The management of the Charity is the rasponsibli ity of the Trustees who are elected and co opted und8r tha terms of the ArttGles of AssoGlatlon. Trustees may b8 directly elected by members or appointed by the Trustee Board unlll the next Annual General Meetlng and they ar8 mad8 aware. on their appolnlment, of their re8ponsibilities under Charitles legislalion. The Trusl8e Board has overall responslbllily for managlng the affalrs of the Charity and the Medway Queen Pr&servation So¢i8ty and each Trustee Is elected for a three year temi by the reglstared membership at the Annual General Meeting. Spècial Interfm arrangem8nls ara In place to allow for exlstlng Trustees to be e18Cted over a ihree year period. The Tnjslee Board has the pow8r lo flll any vacancles arlslng durlng the year, up to the maxlmum 8et out in th& Articles of Association, be￿een Annual Gen8ral M8elings by ¢0 optlon. c. Organl$allonal 8tructUTa and dec161on4naklng pollcles On 28 March 2015, an ExtraordSnary General Meeung of Iho Charlly appr¢)ved the 8dopllon of naw Artlcle8 of Association. In accordance wllh the template for charltable companies publlshgd by th• Charfty Commlsslon on thoSr web811e. Tru51ees are now appolnled for 8 thre8 year term wlth Iran81tlonal arrangernent8 h place to avold the nggd for el8ction of the Trustee Board en masse every three years. The President and Vlce Presldents had the rfght to attend Commlllee of Management meellng$ and recetve the mlnutes. The new constitution clarifies these honorary positions to which is made al the discretion of the TNstee Board and whlch no longer cary attendanc8 or copy mlnute rights. Trust868 may be dlrecuy elected by members or apwinted by the Trustee B08rd until the next Annual G8neral Me&tlng and th&y are made aware, on thelr appolntment, of their responslbllitles under Charities legislation. The Tru8tee Board ha8 overall responslbllity for managlng the affalrs of thè Charity and Iha Medway Queen Preservation Society and each Trustee is elected for a three year térm by th6 registered membershlp at thè Annual General Meeting. Special interim arrangements ar8 in place lo allow for existing Trustees lo be el8clÈd over a three year period. The Trustee Board has the power to fill any vacancies aTi8ing duTing the ye8r, up to thè maxlmum set out in the Articles of Association, be￿en Annual G8neral Meetings by co option. Th8 Trustge Board meets formally each monlh to discuss and consider a range of loplcs against a fomial agenda. This includes PTogress and plans for, the re8lorallon of the Medway Queen financial plans and perforlnance and govemance. All meetings ar& fomially minuled. Ad hoc meeting8 are convened as required. Sub commtttees are fomed and meel as necas8ary. usually to work on specific items ofwork which may requira specialisl skills. Reports are made to the Tru8te8 Board following any sub-committee me8lings. The Trustee Board considers thal it has a good range of qualifications. skills and experience for this stage of the restoration project. It re¢ogNises that new skills will need to be added lo the team in anticipation of the omplelion of Ihe next stage of r&sloralion and the Medway Queen becoming financially self sustaining and laklng its place in lh8 community and will b8 active in seeking new members andlor volunteers to assist with this dovelopment. Page 7

The New Medway Steam Packet Company Llmlted (A company Ilmited by guarantee) Trustees. report Icontlnued) for the year ended 31 I￿rch 2024 structure. governance and management l¢ontlnuedl d. Risk management The TTU8tee8 have a88es8ed the major risks to whlch tha Charity is exp08ed, and are 8alisfied that systems and procedures are in place to mitigate exposure to the malor rlsks. Plan$ for future perlods We as mentioned above celebrated the 1 Oolh annlversary of the shlp in Aprfl of 2024, 8 magnlficent landmark In the shlps hlstory. achieved thanks to th8 work of the soclety over the last 30 plus years We continue lo improv& the shlps stnjcture and facllitles, and also look lo Increase and $8cure fvnding for tho future of the ship. We continue to enloy the support of the local Medway councll, not least for a much reduced rate for th6 council tax. peppercorn rent on the shoreslde workshop, and a very complallve b&rthlng f88 when compared to other marina type facllltl8s. We look lo th8 futur8 of Ihe shlp wlth Increasing optlmism and with our great volunteers will insure the ongolng legacy of this grgal ship. Members, Ilablllty The Company Is a company Ilrnlted by guarantee. The members of the Company are the Trustees named on page 1. In Ihe event of the Company belng wound up, the Ilabillty In respect of Ihe guarantee Is limi18d to £10 per rnember of the Company. statemenl of Trugtees. responslbllltles The Trustees (who are also the dlreclors of the Charlty for th8 purposes of company lawl are responslble for preparing the Trustees, report and tha flnanclal statements In accordance with appllcable law and Unlled Klngdom Accountlng Stsndards {Un118d Klngdom Generally Accepted Accountlng Practlcel. Company law requlras thè Trustees lo prepare linancial statemonts for each flnanclal year. Under company law, tha TN$t&69 must nol approve thg financial slatemenls unless they are satisfied that they gN8 a true and falr vlaw of the slate of affalrs of the Charity and of 118 income and application of resources, including Its Income and axpendlture. for that pèrlod. In preparing these financial statements, the Trusleos are required to: 881ect suitable accounting policies and then apply them conslstently; observe the methods and prlnciples of the Charllias SORP IFRS 1021., make ludgemenls and accounllng esllmates Ihal are reasonable and prudent., State whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures dlsctosed and explained in the financial stalemenls. prepare the financial statements on the golng conc8rn basls unlèss it l& Inapproprfat& lo presuma th81 tho Charfty wlll continue In buslness. The Trustees are responsible for keeping adequate accounllng records that are suffici8nt lo show and 8xplain th8 Charllls transdctlons and disclose with reasonable accuracy at any lime the flnanc181 posltlon of the Charity and enable th6m to ensure that the finan¢lal statements comply with the Companies Act 2006. They are also responslble for 8afeguardlng tha assèts of the Charity and hence for taking reasonable steps for the prevention and delecllon of fraud and other Irr8gularftlÉs. Approved by order of tha mamb8rs of tho Board of Trustees on their bgh and signed on J F Kempton Chaimian Page 8

The New Medway Steam Packet Company Limited

(A company limited by guarantee)

Independent examiner's report

for the year ended 31 March 2024

Independent examiner's report to the Trustees of The New Medway Steam Packet Company Limited ('the Charity')

I report to the Charity Trustees on my examination of the financial statements of the Charity for the year ended 31 March 2024.

Responsibilities and basis of report

As the Trustees of the Charity (and its Directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Page 9

The New Medway Steam Packet Company Limited

(A company limited by guarantee)

Independent examiner's report (continued) for the year ended 31 March 2024

Disclosure section

I draw your attention to the matter that documentation in support of certain income received was not available for review. Documentation for all other areas was satisfactorily available.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in 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 Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 18 November 2024 Samantha Rouse FCCA DChA

Kreston Reeves LLP Chartered Accountants Montague Place, Quayside Chatham Maritime, Chatham Kent, ME4 4QU

Page 10

' The New Medway Steam PaGket Company Limited (A company limiled by guarant88) statement of flnancial activities (in¢orporallng Income and expendlture account) for the year ended 31 MarGh 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 N¢)te Income from,. Donations and legacles Olhor tradlng activlties Investments 71,189 10,979 309 71,189 10,979 309 70,285 10,238 76 Tolal Incom 82,477 82,477 80,599 Expendlturo on: Raising funds Charllable actlvltles (S,2631 77N52 {5,2831 77N52 9,975 49,587 Total oxpendlturo 72,189 72,189 59,562 Ngt rnovemgnt In fund8 10,288 10,288 21,037 R•conGlllatlon of funds: Total fund8 brought forward Nel movement In fund8 3,001.963 10,288 3,501,983 10,288 3,480,926 21,037 Total lund8 ¢arrl¢d forward 3,512.251 3,512.251 3,501,963 The Statement of flnanclal acllvhlgs Sncludes all galns and Ios59s r9cognls8d In tha ￿•r. The notes on pag88 13 10 25 forni part of these flnanclal statements. Page11

IA company limited by guarantse) Rgglstered number: 0211NJ358 Balance sheet as at 31 March 2024 2W23 Flxad assèts Tangit4e assets 11 12 409 3.465.879 3.4K879 3,46Q186 3,466,288 Currgnt assets st¢xks Debtors Cash at bank end n hand 13 14 16.208 16.868 21.727 4,280 13.685 27.314 45279 Credllors.. amounts I8￿ng due llhNI on8 year 15 17.738) (9.604) Not currnnt a880ts 35,875 T¢)tsl not a880ts 3,511261 3.501,963 Charfty fund8 Urwestrict&J fiJrK18 16 3.012.201 3,501,963 Total funds 3,511261 3.501,963 The Charity was entifled to exemptim fr￿fi urbjer sedlon 477 ofthe Compan188 Act 2(MX. Tho members r#)t requlred the COMP￿ kn otrtain an aujlt for tr Jew In qu0stv￿ in accordanc• section 476 of Ceffl￿1es Act 20C6. The Trustees acknovthedge their resp)n&kn"lrties fc ￿1th the reqll￿entS 01 thé Act with respad to The fir￿n¢la1 statements have been ￿ep￿1 in xcor(kn IMlh lh8 Fwo¥i&ons applicable to ￿ltitieS subiod to small companies regime. The financ4al statements were approved KI auilv)Fis•d for by the Tntstees on 18 November 2024 *KI soned on th￿r behaw by. J F Kemptork Chairman The note8 on pages 13 to 25 fum rArt Oft1￿ fin￿1￿ slaiements. 12

'The New Njedway Steam Packet Company Llmlted (A company limited by guarantee) Notes to the flnanclal statements for thg ygar 8nded 31 March 2024 General Inforniatlon Th8 New Medway Steam Packet Company Limited 18 a charitable company and an exempl charity Incorporated in England and Wales, with charity regislration number 296236 and company registration number 02100358. The reglstered office is Pier Approach Road. Gillingham. Kent. ME7 1RX. The principal activities of the Charity are as set out in Ihe Trustees Report on page 3. AcGountlng pollcles 2.1 Basls of preparatlon of flnanGlal statements The flnanclal slalemenls have been prepared In accorciance with lh8 Charities SORP (FRS 102) - AccountSng and Reportlng by Charftl8s: Statement of Recommended Pracuce applle2ble to charltles preparing thelr accounts In accordance with the Flnanclal Raportlng Standard appllcable In the UK and Republlc of lioland IFRS 102} leffeclive 1 January 20191, the Flnanclal R8POrtlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The New Medway Steam Packet Company Llm5ted meets th8 definluon of a publlc beneffll enllty under FRS 102. Assets and IlabllSlles are Inlllally recognised al historic81 cost or transaction value unless othernlsa 8tat6d In the relevant a¢¢ounllng pollcy. The flnanclal statements are presented In UK stsrllng, whlch Is the Charlty's fundlonal currency, and rounded lo the nearest pound. 22 Extra accountlnq pollcy The Company18 a company Ilmil8d by guarantee. The members of the Company are the Trustees named on page 1. In the event of th8 Company belng wound up, the 118blllty In respect of the guaranteo Is limlled to £10 per member of the Company. 2.3 Golng concern The Trus16e8 ass688 whether the use ot golng concam 18 approprlate l.e. whether there are any materfal uncertalnlles relalod lo ovonts or condltlons Ihal may ￿st slgnlflcant doubl on tha abllity of the Charity lo continue as a going concern. The Trusloos mako Ihls assessment In respect of a period of al least ono year from the dale of aulhorisalion for Issue of the flnanclal stalemonls and have concluded that the Charity has adequate resources to continuo In oporatlonal existenc6 for tho foreseeablè future and there are no material uncertainties about the Charitys ability lo continue as a going concem, thus they continue lo adopt Ihe golng concem b8$is of aocounling In preparlng Ih financial statements, Page 13

' The New Medway Steam Packet Company Umlled (A company limited by guarantee) Notes to the flnanclal statements for the year ended 31 March 2024 AcGounting policies (Gontinued) 2A Income All rncome is recognlsed once Ihe Charity has entillement to the income. il is PTobable that the income will b2 received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probabllity of receipt and the ability to estimate with sulficient accuracy the amount receivable. Evidence of entillemenl to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the exlst8nce of a valld will and the death of the benefactor) and the executor Is satlsfied that the property In questton wlll not b& required to satisfy claims in the estate. Receipt of a legacy must be recognlsed when it Ss probabl& that it will be received and the fair value of the amount recelvable. which will generally be the expected cash amount to be distributed to the Charity. can reliably measured. Grants are Included In the Statement of financlal aclNltles on a receivable basis. Thg balance of Income received for specific purposes but not expended during the period is shown In the relevant funds on the Balance sheeL Where irttime Is received in advance of entitlement of receipt. Ils re¢ognitton is deferred and Included In cr8dltors as deferred Income. Where entlllement occurs before income is recèived. the Income Is accrued. Income lax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised al the time of the donation. Income tax recoverable in relatlon to investment Income is recognised at the Ilme the investment income is receivable. 2.5 Exp8ndlture Expenditure is recognised once there Is a legal or constructive obllgation to transt8r 8conomic b8n8fft lo 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 on raising funds includes all expenditure incurred by the Charity to raise funds for its ¢haritsble purposes and includes costs of all fundraising activities events and non4harilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Chariws oLyectives, as well as any assoclated support costs. All expenditure is inclusive of irrecoverdble VAT. 2.6 Interest reo8lvabl& Interest on funds held on deposit is included when receivable and the amount can be measured reliably by thè Charity- this is nomially upon notification of th8 int8r8St paid or payable by the institution with whom th8 funds are d8POSlted. Page 14

"The New Medway Steam Packet Company Llmfted (A company Ilmlted by guarantee) Notes to the flnanclal statements for the ygar ondod 31 March 2024 A¢¢ountlng pollcies (continued) 2.7 Taxatlon The Charity is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance A¢1 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories cov8red by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Tax8tlon of Chargeable Galns Act 1992. to the extent that such Income or gains are applièd 8xcluslv8ly to charflable purposes. 2.8 Tanglble fixed assets and dgpreclatlon Tangible fixed assets costing £1,000 or more are capilalised and recognised when futur8 èconomlc benefits are probabl8 and the ¢08t or value of the asset C8n be measured reliably. Tanglble flxed assets are Inltlauy reGognlsed at GOSt. After recognltion. urKler tho Cost model, tanglble fixed assets are measured at cost less accumulaled depreciation and any accumulated impalrment 108ses. All costs Incurred lo brlng a tangible fixed asset into its intsnded worklng condilion should b• Included in tha measurement of cost. Al each r8POrtlng dale tho Charfty 88se8888 whether there 18 any IndlcaUon of lrnpalrment. If such Indlcatlon exlsts, the reGoverable amount of the assel Is delermlned to be Ihg hlgher of Its falr valug less costs 10 8ell and its value In u88. An Impairment Ioss Is r6cognlsed where the carrylng amount exceeds the recov8rable amount. Depreclallon Is charged so as lo allocat8 thé cost of lanolbl8 fixèd asséls18s8 Ih61r ffjsldual value over Ihelr esllmated useful Ilves, on the followlng bases: Plant and machlnery 3 yéars slralghl Ilnè 2.9 Horltsgfr assets As stsled In the Tru8lea8' repDrt th8 Paddle Steamer Medway Queen18 under reconslruclion and all cost$ ¢onne¢led with the reconstructlon have begn capllallsed. In the oplnlon of the Trustee8 no dep￿atIOn Is requlred a$ the asset Is under reconslrucuon. 2.10 stock8 stocks 8re valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost Includes 811 direct costs and an appropriate proportion of flx8d and varlable overheadg. 2.11 Debtors Trade and other debtors aro rocogniÉ8d at thé s8tllaménl amount. Prèpawrtènts aré valued at the amount prepaid. Page 15

"The New Medway Steam Packet Company Llmlted (A company limited by guarantee) Notes to the financlal statements for the year ended 31 March 2024 Ac¢ountlng pollcias {continued) 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly fiquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.13 Liabilitie5 and provisions Liabilities are recognised when there is an obligalion at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit wiu be required in settlement, and the amounl of the settlemenl can be estimated reliably. Ltabilitie5 are recognlsed at the amount that th8 Charity anticipates it will pay to settle the debt or the amount it has received a5 advanGe(i payments for Ihe goods or services it must provid8. Provisions are measured at the best estimate of th8 amounts required to sett18 the obligation. Where the effect of the time value of money is material, the PTovision is based on the pres8nt value Df those amounts. discounted at the pre-tax discount rat8 that r8ftects the risks sp8cific to the liabilty. The unwinding of the discount is recognised in fhe Statement of financial activities as a finance cost. 2.14 FinanGial instruments The Charity only has financial assets and financial Siabifilies of a kind that qualify as bas1¢ financial Instruments. Bas5c financial inslrumenls are initially reGognised at Iransaclion value and subsequently measured at their settlement value. 2.15 Fund accountlng General funds are unrestricted fvnds whlch are avallable for use at the dlscretlon of the Trustees in furtherance of the general objectives of the Charity and which have not been deslgnated for Other purpoges. Designated funds comprise unre81ricted funds that have been set aside by the Trustees for partlcular purposes. The aim and use of each designated fund is set out in the notes to the financlal stal8ments. Investment income, gains and losses are allocatad to th8 appropriate fund. Critical accountlng estlmates and areas ofjudgement Estimates and judgemenls are continually evaluated and are based on historical experience and other factors, including expeclations of future events that are believed lo be reasonable under the circumstances. The Charity does not currently have any significant accounting estimates or areas of Judgement. Page 16

'The New Medway Steam Packet Company Llmlted (A Company Ilmltad by guarantee) Notes to the tlnanclal statements for the year endod 31 March.2024 Income from donatSons and legacles Unrestricted fund¥ 2024 Total funds 2024 Total funds 2023 Donatlons 43,792 7,000 14,700 5,697 43,792 7.000 14,700 5,697 55,186 Legacies Gran18 Subscriptions 10,000 5,099 71.189 71,189 70,285 rolai 2023 70,285 70.285 Income from other tradlng actlvltles Unr081rlctad funds 2024 Tot41 fund# 2024 Tota5 funds 2023 Fundralslng 10,979 10,979 10,238 Total 2023 10,238 10,238 Invostment Incomo Unrestrlcted funds 2024 Totsl funds 2024 Total funds 2023 Interest received 309 309 76 Total 2023 76 76 Pag8 17

' The New Medway Steam Packet Company Limited {A company Ilmlted by guaranto0) Notes to th2 financial statemonts for the year ended 31 March 2024 Expgndlturg on Talslng lunds Unrestricted funds 2024 Total funds 2024 Total funds 2023 Shop purchases General publlclty and newsletters (5.828) 565 (5,8281 565 6,682 3,293 {5.263) (5,2631 9,975 TotAI 2023 9.975 9,975 Analysls of expendlture on charltable acllvlllos Summary by lund typ? UnreslrlGted funds 2024 Totsl 2024 Total 2023 ChaTltabl8 acllvIlles 77.452 77,452 49,587 Tot812023 49.587 49.587 Page 18

'The New Medway Steam Packet Company Llmlted (A company limited by guarantse) Notes to the financ5al statements tor the year ended 31 March 2024 Analysis of expendlture by actlvltles Direct COSts 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 52.255 25.197 77,452 49,587 Total 2023 29.965 19,622 49.587 Analysls of dlrect costs Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Depreciation PreseNalion and reservation Marine insurance 102 43,871 8.282 102 43.871 8,282 137 24,776 5,052 52.255 52,255 29,965 Analysis of support costs Unrestrlcted funds 2024 Total fvnds 2024 Total funds 2023 Office expens8s Telephone Prtntlng, postage and stationery Bank charges Professional fees 9,610 2,594 5,398 205 9,610 2,594 5,398 205 7,045 2,569 3,929 262 3,240 2.750 1.400 3,155 2.662 Independent examination fees Event hire costs 2,750 1,400 25,197 25,197 19,622 Page lg

'The New Medway Steam Packet Company Llmlted (A company Ilmited by guaTantO0) Note5 to the financial statements for th8 year ended 31 March 2024 10. Trustg8s' remunaratlon and BXPEnses During the year. no Trustees recelved any rernuneratlon or other benefits {2023 - £NIL). During the year ended 31 March 2024, 2 Trust88s recelved r81mburs8ment of expenses amounllng to £4,651 (2023 - 2 Trustees received r&imburs8ment of expenses amounting lo £4,534). 11. Tanglble fixed assets Plant and machlnery Cost or valuatlon At 1 A￿[2023 8,769 At 31 March 2024 8,7e9 DeprgGlatlon At1 April 2023 Charge for the 8,360 102 At 31 March 2024 8A62 Not book valu• At 31 March 2024 307 At 31 March 2023 409 Pag8 20

' The New Medway Steam PaGket Company Llmlted (A company Ilmlt8d by guarantee) Notes to the flnanclal statements for the year ended 31 March 2024 12. Hèrltago a558ts Assels Tocogni50d at cost 'Medway Queen. 2024 Total 2024 Carrying value at 1 April 2023 3,465.879 3865,879 3,465.879 3.465,879 The Paddle Steamer 'Medway Queen, Is the la51 estuary pleasure steamer suNlving in the Unlted Kingdom. She was built in 1924, on the River Clyde in Scotland, bul sailed in the estuary waters of the Rfver Thames and River Medway. In WWII she was requisitioned and converted lo a minesweeper. Her finest moment came in 1940 when sh8 made seven crosslng8 to the beaches of Dunkirk. resculng 7.000 men. Afl8r the war the 'Medway Queen, retumed to p18asure sleamlng on the F￿Ver Medway and Thames, under her orfglnal owners. unlll wlthdrawal In 1963. From 1966 the shlp served as a marina club house and nSght club at Island H8rbour on Ihe Isla of Wlght. In 1984 the me￿aY Queen was salvaged froffl the Rlver Medlna and towed on a salvag8 barge back to her home rlver In Chatham. After a prolonged perlod of att8mpls lo re81ore tha 'Medw8y Queen, fundlng was ral8ed to restore her hull, whlch was carrled oul In Brlstol. Follt)wlng the rosloratlon of her hull, she r8turn6d lo a berth In her home port on the R5ver M6dway In Decembar 2013. Analy$l$ of h•rltagè a$$ot Iran$actSons 2024 2023 2022 2021 2020 Purchases 'Medway Queen, Total addltlons 25,592 162.527 14,023 20,425 25,592 162.527 14,023 20,425 Page 21

' The New Medway Stsam Packet Company Llmlted (A company Ilmlted by guarantee) Notes to the finan¢lal statements for the year ended 31 March 2024 13. Stocks 2024 2023 Stocks 15.208 4.280 14. Debtors 2024 2023 Due wlthln one year Trade debtors Prepa￿ents and a￿rUed Irwme VAT recoverabl8 817 14,668 1.383 12,517 1,168 16,868 13.685 15. Credltors". Amountg falllng due wlthln on• y8ar 2024 2023 Trade credltors Accrual8 4.333 3,405 6,562 3,042 7,738 9,604 Page 22

'The New Medway Steam Packet Company Llmlted (A company ￿rnited by guarantee) Notes to the flnancial statements for the year ended 31 March 2024 16. Statement of funds Statement of funds - Gurrent year Balance al 31 March 2024 Balanc• at 1 Aprll 2023 Income Expendlture Unrestrfcted funds Designaled funds Paddle Steamer'Medway'Queen' Fixed Asset Fund 3,465,879 409 3.465.879 307 (1021 3,466,288 (102} 3,466,186 General funds General Funds 35,675 82,477 (72.087) 46,065 Total Unrestrlcted funds 3,501,963 82,477 (72.189) 3,512,251 Deslgnated funds P8ddle Steamer'Medw8y Queen. The Paddle Steamer'medway Queen, fund has been eslabllshed followlng the completh)n of the hull and the main restoration as a result of funding from the Heritage Lottery Fund and Interreg IVA 2 Seas Heroes 2C. The b￿ance of this fund reflects the closing value of the Charitys heritage assets as at 31 March 2024. J9xedAsset Fund The designated fixed asset fund is comprised of the Charitys fixed assets. The transfer in to the fund this year corresponds to the fixed asset additions made during the financial year. The depreciallon charge for the year, of £102, has then b8en allocat8d against tho fund. wth the closing balance of Ihe fund representlng the ch)sing net book value of these fixed assels as at 31 March 2024. Page 23

'The New Medway Slgam PaGket Company Llmlted IA company Ilmltsd by guarantee) Notes to the financlal statamants for the year ended 31 March 2024 16. Statement of funds (contlnuedl Statement of funds - prlor year Balance at 31 March 2023 Bala[￿e at 1 April 2022 Transfers inlout Income Expenditure Unroslricted funds Deslgnated funds 3,440,287 546 25,592 3,465,879 409 {137) 3,440,833 (137) 25,592 3,466.288 General lunds 40.093 80,599 159,4251 125.5921 35,675 Total Unrestrlcted funds 3.480,926 80,599 159,5621 3.501,963 17. Summary olfunds Summary of funds - ￿rrent year Balance at 31 March 2024 Balance at 1 April 2023 Incomfr Expendlture Deslgnated fund8 General fund6 3,48e,288 3S,675 (102) 3,466,186 172,087) 46,065 82,477 3,501,963 82,477 (72,189) 3,S12,251 summary of funds - prlor y•ar B818nce at 31 March 2023 Balance at 1 April 2022 Transfers Inlout Incom8 Exp8nthture D&slgnated funds General funds 3.440,833 40,093 (1371 159,4251 25.592 125,5921 3.466,288 35,675 80,599 3,480,926 80,599 (59,562) 3.501,963 Pag8 24

The New Medway Steam PaGkot Company Llmited (A ¢ompany Ilmlt6d by guaranteo) Notes to thg flnanclal stat•m8nts for tho year gnded 31 MarGh 2024 18. Analysls of net assets between fund$ Analysls of net as5els betwegn funds - current perlod Unrestrlcted funds 2024 Total fundB 2024 Tanglb18 flxed assets Herltage assets Current assets Creditors due within one year 307 3,465,879 63,803 17,7381 307 3,465,879 53,803 (7,738) Total 3,512,251 3,512,251 Analysls of not assets between funds - prfor perlod Unrestrfcled funds 2023 Total funds 2023 Tanglble flxed assets Herllage 888e18 Current assèts Crodllors dua wlthln on& year 409 3.465,879 45.279 19,604) 409 3.465,879 45,279 (9,604) Total 3,501,963 3.501,963 19. Related paty tran8actlon$ During the financlal year the Trustees made cumulative donations to the Charity amounting lo £257 (2023.. £2.3181. Durfng the prior year short term loans were recelved from Robert stokes and Flchard Hallon, who are both TnJstee5 of the Charity, amounting to £16,000 {2024: £Nill. These were both paid back throughout the ye8r 8nd th8r8 W8re no bolanc85 in existence With them at the Balance shegt date (2024.. £Nd). Page 25