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