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2020-12-31-accounts

PADDLE STEAMER PRESERVATION SOCIETY

Report of the Council of Management 2020

The Council of Management presents its Report, which forms the Trustees’ Annual Report required by charity law and the Directors’ Report required by company law, and the Financial Statements for the year ended 31 December 2020.

Review of the Year

2020 has not been a normal year for anyone, and the Society has been much affected. In March 2020, towards the end of the normal winter season of public meetings held by the Society’s branches, the UK entered lockdown due to the Coronavirus pandemic. As a result, all remaining meetings of the 2019-2020 season were cancelled, and any outstanding branch AGMs were postponed.

As the pandemic progressed, the situation was kept under review, but it became apparent that it would not be possible to hold face-to-face meetings for the remainder of 2020. As a result, all Council meetings were held online, as was the Annual General Meeting. Branch AGMs were cancelled and the existing branch committees remain in place. It has been decided to trial a small number of online meetings, hosted by the Branches, in early 2021.

Despite all this, once restrictions eased, both P.S. Kingswear Castle and P.S. Waverley sailed in 2020.

Although initially disrupted by the pandemic, P.S. Kingswear Castle’s annual maintenance was completed and she sailed successfully on harbour cruises from Dartmouth from early July until late September.

Despite delays caused by the coronavirus lockdown, P.S. Waverley ’s Boiler Room Refit was completed and she returned to service on 22nd August to a warm reception from passengers and the local communities she visited, giving those who supported the Boiler Refit Appeal an opportunity to step aboard the rejuvenated ship. However, with ongoing COVID-19 restrictions passenger numbers were reduced to less than 30% of her normal capacity. Despite most sailings being “sold out” sailing revenue just covered fuel and crew costs. There was no surplus generated to meet any costs for the coming winter period and a Waverley COVID-19 Relief Appeal was opened.

Overall, our sixtieth anniversary publications of a hardback book and a DVD, raised over £4,500 for the Waverley, as well as commemorating our achievements in fine style.

Supporting Paddle Steamer Waverley

Supporting P.S. Waverley to ensure she can continue to operate remains the top priority of the Society. In 2020 the Society continued its policy of providing financial support to Waverley Steam Navigation Co Ltd (WSN), the owning charity.

Members and supporters contributed £119,932 to the COVID-19 Relief Appeal and these contributions were passed on monthly to WSN. By the end of 2020, the COVID relief appeal had reached approximately half the target set for individual donations. Our Branches contributed an additional £4,150.

After adding a bequest and miscellaneous contributions, a total of £133,891 was contributed or committed to WSN during 2020 by the Society.

Supporting Paddle Steamer Kingswear Castle

During 2020, P.S. Kingswear Castle continued to be operated successfully by Dart Pleasure Craft (DPC), with no requirement for funding from PSPS or from Paddle Steamer Kingswear Castle Trust (PSKCT), the owning charity. 2020 is the mid-point of the current charter agreement with DPC and discussions are ongoing regarding extending the charter term. It is intended that fundraising for a major rebuild will start in 2021.

Supporting Paddle Steamer Maid of the Loch

1

The Society also supports financially the preservation of P.S. Maid of the Loch , which is owned by Loch Lomond Steamship Company (LLSC), an independent Scottish charity (SC024062). LLSC is one of the bodies to which the Society is allied, having aims related to the preservation of large pleasure steamers, and with which close links are maintained. The charity celebrated its 25[th] anniversary in 2020.

Once the lockdown ended and after extensive preparation work, the ship opened to the public on 20 August, and remained open for a short season until the beginning of November.

Majority Shareholdings

The Society is the majority shareholder in WSN (itself a registered Scottish charity - SC005832)) which owns P.S. Waverley on behalf of the Society. The steamer is operated by Waverley Excursions Ltd., a wholly owned subsidiary of WSN.

The Society is also the majority shareholder in PSKCT (itself a charity registered in England and Wales as no. 299931) which owns P.S. Kingswear Castle on behalf of the Society. Since 2013 she has been chartered on a long-term basis to DPC who are operating her on Dartmouth harbour cruises and between Dartmouth and Totnes. DPC is a wholly owned subsidiary of Dart Valley Railway Limited (DVR), in which the Society has a small shareholding. It should be noted that although DPC, as charterer, is responsible for the bulk of maintenance, PSKCT retains the responsibility as owner to fund major renewals, such as of the hull, boiler and main engine. For this reason, the Society previously granted PSKCT £333,709 to form a long-term maintenance reserve.

PSPS Collection

The Society has a specialised Archive Collection of over 48,000 items. As explained in the Notes to the Financial Statements, the Collection was revalued in 2020 and is now included at a value of £126,255. It was first included in the Financial Statements in 2000 at valuation and was subsequently depreciated over 20 years. However, it is now clear that generally the market values of individual items have been maintained or increased over the period, leading to an understatement of their value. Therefore the Collection was revalued at 1 January 2020 by two trustees using typical market values and will now be subject to an annual impairment review in place of depreciation. It was considered that the cost of a professional valuation would be greater than the benefit to the reader of the Financial Statements.

The Collection has been accumulated over the 61 years of the Society’s existence and ranges from ship models to ship’s furniture, plans and drawings, sailing handbills, postcards, pictures/slides and company records.

To fulfil its educational role the Society is working to make its collection more accessible for research with a number of objects already on loan for display purposes to appropriate museums. As part of this process, selected items from the collection are now displayed on the Society’s website.

During 2020 further artefacts were donated to the Collection including postcards, photographs, slides, film, audio tapes, and a rare collection of blueprints, linen drawings and tracings from the J S White Shipyard in Cowes.

A sub-committee of three, including two Council of Management trustees, has responsibility for managing the collection. The day-to-day running is dealt with by one trustee. Long- and short-term plans have been created and a five-year budget has been approved. The Archive Development Fund (which partially funds this work) has benefited from contributions from individuals. In addition, the Council of Management has decided to add 5% of non-specific bequests to the Fund.

The volunteer team continues to catalogue non-accessioned items and has focused on specific collections. The reorganisation of the ticket collection is now complete.

2

Development of the Society

Of necessity, our resources were concentrated on fundraising during 2020. Nevertheless, the Development Plan has been maintained and updated and significant development of the PSPS website has taken place.

Structure of the Society

The Society is a company limited by guarantee (having no share capital), registered in England and Wales No. 2167853, and a charity registered in England and Wales (No. 298328) and in Scotland (SC037603). The Society is governed by its Articles of Association which set out the Society’s objects. These may be summarised as to preserve in operation paddle steamers, to educate the public in their historical significance and to preserve and exhibit a collection of equipment and material associated with paddle steamers. The Society's principal activities are to assist in the preservation in sailing condition of the Paddle Steamers Waverley and Kingswear Castle and to maintain a collection of historical material relating to paddle steamers.

The Society provides public benefit by making grants to charities to enable them to maintain their vessels so the public may sail on them; by maintaining a collection of artefacts accessible for research purposes; by holding public meetings relating to paddle steamers; and by publishing current and historical information relating to paddle steamers. The trustees have paid due regard to Charity Commission guidance on public benefit in deciding what activities the Society should undertake.

The Council of Management are the Society’s charity trustees. The Council of Management controls the Society and met online three times in 2020. The methods of appointment are as follows:

Method of Appointment Number
Members of the Society elected by postal ballot of the membership 7
One member of the Society from each Branch of the Society nominated by
the member's Branch Committee		 5
One representative appointed by Waverley Steam Navigation Co Limited 1
One representative appointed by Paddle Steamer Kingswear Castle Trust
Limited		 1
One representative appointed by Loch Lomond Steamship Company 1
Members co-opted by Council until next AGM 2
17

The Society operates both at UK and local levels, through five area Branches. In normal circumstances, the five Branches organise public meetings in winter, arrange outings, assist in promoting sailings and carry on fund raising in summer. Members also participated in working parties on P.S. Waverley at Glasgow. The five Branch Committees are given delegated authority over 20% of the subscription income attributed to their areas and promote the Society and organise activities locally.

Society Financial Statements and Membership

The Society Financial Statements for 2020 show an inflow of funds of £208,166, although it should be noted that as the revaluation gains are non-cash items, the underlying net cash inflow was £129,776. In 2019 there was a net expenditure of £343,482.

As explained in the Notes to the Financial Statements, the classification of Restricted and Unrestricted Funds was reviewed during the year. At 31 December 2020 the unrestricted funds comprised the General Fund standing at £98,624 (2019 restated: £90,229), the Restoration and Preservation Fund (General division) standing at £298,296 (2019 restated: £181,361) and part of the Archive Development Fund standing at £51,904 (2019 restated: £45,687).

3

The restricted funds comprised part of the Restoration and Preservation Fund (devoted to Paddle Steamer Kingswear Castle) standing at £7,913 (2019 restated: £7,869) and part of the Archive Development Fund standing at £365 (2019 restated: £3,130). Full details of fund balances and movements are given at Note 9 of the Notes to the Financial Statements.

In allocating expenditure from funds, the Society’s policy is to use applicable restricted funds before unrestricted funds. This has resulted in low balances of the restricted funds but does ensure resources are used promptly to fulfil donors’ wishes.

The Society is fortunate to benefit from sometimes very substantial bequests from its members and supporters and in 2020 £126,779 was received (2019 restated: £48,053). The 2020 figure includes £100,000 from the estate of our late founder, Professor Alan Robinson.

The Society has no paid employees, so its achievements reflect members' voluntary efforts. These cover a wide range of skills and are essential to the continued successful operation of the Society. The Council of Management gratefully acknowledges all contributions great and small.

The Society has three main reasons to hold reserves:

The Society has not adopted a formal fundraising policy. However, its fundraising efforts, which are all volunteerled, are largely directed towards its members. The only material exception has been the promotion of special cruises on Waverley in past and future years. New members are recruited by the use of leaflets, through the Society’s web site and social media channels.

The Society’s membership stood at 2,372 on 31 December 2020 (2019: 2,409) made up as shown:

Bristol
Channel		 London
and
Home
Counties		 North of
England
and
North
Wales		 Scottish Wessex
and Dart		 Total
Full 91 169 72 317 82 731
Senior 167 256 63 281 128 895
Associate 64 116 33 151 49 413
Young Persons 2 4 3 10 1 20
Life 43 97 24 73 45 282
Honorary 5 6 - 15 5 31
Total 372 648 195 847 310 2,372

There was a net reduction of 37 members during 2020, a reduction of 1.5%. Given the significant reduction in opportunities to recruit new members, this is an encouraging outcome.

Communication

The Society communicates to its members by publishing a quarterly Journal Paddle Wheels . The Society also communicates with non-members through its website (www.paddlesteamers.org), its social media accounts and

4

its YouTube Channel. All of these continued to be updated regularly with news about our ships and feature articles and postings of wider paddle steamer interest.

Trustees

The Council of Management (the Society's Trustees and Directors) approved this report on 27 March 2021. They received no remuneration for their services and are listed below:

Elected Members (Up to seven)

John Allen (Chairman from 28.3.20) (Transferred from co-opted member 24.10.20) Myra Allen John Anderson (Transferred to co-opted member 24.10.20) Richard Clammer (3) Jon Jolliffe Martin Longhurst (Treasurer) Peter Morley (Company Secretary; Interim Chairman to 28.3.20) Paul Semple (1 & 2)

Branch Representatives (Up to five)

Keith Adams (Wessex and Dart) Angela Johnson (North of England and North Wales) (National Secretary) Noel Kemp (Bristol Channel) Christopher Larkin (London and Home Counties) Gordon Wilson (Scottish) (Vice Chairman) (Membership Secretary)

Representative of Waverley Steam Navigation Co. Ltd. (May appoint one trustee)

Deryk Docherty (1 & 2)

Representative of P.S. Kingswear Castle Trust Ltd. (May appoint one trustee)

John Megoran (3)

Representative of Loch Lomond Steamship Co. (May appoint one trustee)

John Beveridge

Members co-opted by Council until next AGM (Up to two)

John Allen (Chairman from 28.3.20) (Transferred to elected member 24.10.20) John Anderson (Transferred from elected member 24.10.20) (Resigned 13.3.21) David Green (Appointed 9.3.19 and reappointed 21.11.20)

Directorships of related party companies:

(1) Waverley Steam Navigation Co. Ltd.

(2) Waverley Excursions Ltd.

(3) Paddle Steamer Kingswear Castle Trust Ltd.

Peter Morley

Company Secretary and Trustee 28 March 2021

Registered Office: Mayfield, Hoe Lane, Abinger Hammer, Dorking, RH5 6RS

5

PADDLE STEAMER PRESERVATION SOCIETY

Statement of Financial Activities for the Year ended 31 December 2020 Statement of Financial Activities for the Year ended 31 December 2020
incorporating the Income and Expenditure Account
2020
2019 Restated
Income from: Unrestricte
d funds
Restricted
funds
Total funds
Unrestricte
d funds
Restricted
funds
Total funds
£
£
£
£
£
£
Membership subscriptions 38,114
-
38,114
37,323
-
37,323
Donations 31,971
95,773
127,744
25,928
360,975
386,903
Legacies 119,223
7,556
126,779
48,053
-
48,053
Total donations and legacies 189,308
103,329
292,637
111,304
360,975
472,279
Charitable activities -
-
-
1,630
-
1,630
Lottery sales -
-
-
-
-
-
Other trading activities 3,613
-
3,613
21,441
-
21,441
Total trading activities 3,613
-
3,613
21,441
-
21,441
Investments 2,238
97
2,335
5,866
1,400
7,266
Total 195,159
103,426
298,585
140,241
362,375
502,616
Expenditure on:
Sailing expenses -
-
-
1,455
-
1,455
Lottery prizes and expenses -
-
-
-
-
-
Other 2,208
-
2,208
13,960
-
13,960
Raising funds 2,208
-
2,208
15,415
-
15,415
Grants for P.S. Waverley 30,556
103,335
133,891
412,646
390,448
803,094
Grants for P.S. Kingswear Castle 100
-
100
-
-
-
Grants for P.S. Maid of the Loch 150
-
150
-
-
-
Paddle Wheels Journals and Newsletters 13,526
-
13,526
13,525
-
13,525
Archive Collection 8,555
2,812
11,367
16,375
-
16,375
Public Meetings 2,408
-
2,408
4,544
-
4,544
Charitable activities 55,295
106,147
161,442
447,090
390,448
837,538
Other 5,159
-
5,159
9,527
-
9,527
Total 62,662
106,147
168,809
472,032
390,448
862,480
Revaluation of hertiage assets 77,296
-
77,296
-
-
-
Net gains/(losses) on investments 1,094
-
1,094
16,382
-
16,382
Net income/(expenditure) for the year 210,887
(2,721)
208,166
(315,409)
(28,073) (343,482)
Transfers between funds -
-
-
-
-
-
Net movement in funds 210,887
(2,721)
208,166
(315,409)
(28,073) (343,482)
Reconciliation of funds:
Total funds brought forward 360,002
10,999
371,001
675,411
39,072
714,483
Total funds carried forward 570,889
8,278
579,167
360,002
10,999
371,001

All gains and losses recognised in the year are included above and all are derived from continuing activities.

PADDLE STEAMER PRESERVATION SOCIETY Balance Sheet at 31 December 2020

Note
ref.
Fixed assets:
2
Heritage assets
3
Programme related investments
4
Other investments
Investments
Total fixed assets
Current assets:
Stocks
5
Debtors
Cash and cash equivalents
Total current assets
Liabilities:
6
Creditors: Amounts falling due within one year
Net current assets or liabilities
Total assets less current liabilities
7
Creditors: Amounts falling due after more than one year
8
Provisions for liabilities
3.4
Provision for doubtful debts
Total net assets or liabilities
9
The funds of the charity:		 Total
Total
funds
funds
2020
2019
£
£
126,255
48,008
118,385
118,385
18,117
17,024
136,502
135,409
262,757
183,417
444
1,211
5,154
2,300
472,895
412,895
478,493
416,406
(24,857)
(27,207)
453,636
389,199
716,393
572,616
(7,384)
(7,574)
(12,641)
(76,840)
(117,201) (117,201)
579,167
371,001
Restated
Restricted funds 8,278
10,999
Total restricted funds
General Fund
Restoration & Preservation Fund
Archive Development Fund
Revaluation reserves
Museum Collection Reserve
Total unrestricted funds
Total charity funds		 8,278
10,999
98,624
90,229
298,296
181,361
51,904
45,687
17,594
2,857
104,471
39,868
570,889
360,002
579,167
371,001

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors’ responsibilities:

• the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

• the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts;

• these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

They were approved by the Council of Management on 27 March 2021 and signed on its behalf by Martin Longhurst.

NOTES TO THE FINANCIAL STATEMENTS

1. Format of Accounts and Accounting Policies:

Carrying amount at 1 January 2019
Additions
Disposals
Depreciation
Revaluation
Carrying amount at 1 January 2020
Additions
Disposals
Impairment
Revaluation
Carrying amount at 31 December 2020		 Donated
Purchased
At valuation
At cost
Total
£
£
£
40,049
8,883
48,932
4,995
50
5,045
-
-
-
(5,177)
(792)
(5,969)
-
-
-
39,867
8,141
48,008
950
-
950
-
-
-
-
-
-
5,183
72,114
77,297
46,000
80,255
126,255

Accounting standards also require the publication of a five year summary

Summary analysis of heritage asset transactions

2020 2019 2018 2017 2016
£ £ £ £ £
Purchases - 50 1,996
-		 1,738
Donations 950 4,995 1,910
-		 1,750
Total additions 950 5,045 3,906
-		 3,488
Charge for impairment (2020) or depreciation (prior years)
Donated items - (5,177) (4,926) (4,831) (4,831)
Purchased items - (792) (790)
(690)
(690)
Total charge - (5,969) (5,716) (5,521) (5,521)

There were no disposals during the five year period.

3. Programme related investments are as follows:

ramme related investmentsare as follows:
Shares in Paddle Steamer Kingswear Castle Trust Limited (PSKCT)
Shares in Waverley Steam Navigation Co. Limited (WSN)
Loans to WSN
Shares in Dart Valley Railway Limited (DVR)		 2020
2019
£
£
55
55
51
51
117,201
117,201
1,078
1,078
118,385
118,385

3.1. Subsidiary undertakings:

3.2. The holding of shares in PSKCT, the owner of P.S. Kingswear Castle, represents 83% of shares issued. The shares are shown in the accounts at their nominal value as shareholders in the Trust cannot benefit from their holdings, as it is constituted as a charity (registered in England and Wales as no. 299931). At 30 April 2020 the aggregate amount of its capital and reserves was £878,283 (2019 - £862,559), both including £333,709 transferred from PSPS, and its net income for the year then ended was £15,724 (2019 – £13,756).

3.5. Other programme related investment:

4. Other Investments held to generate income or for their investment potential consisted of a holding in Charities Official Investment Fund Income Units in both 2019 and 2020.

5. Debtors are made up as follows:

Trade debtors
Prepayments and accrued income		 2020
2019
£
£
25
1,360
5,129
940
5,154
2,300

6. Creditors: Amounts falling due within one year are made up as follows:

Trade creditors
Annual subscriptions in advance
Life Membership Equalisation Account		 2020
2019
£
£
(2,199)
(4,893)
(21,661)
(21,264)
(997)
(1,050)
(24,857)
(27,207)

7. Creditors: Amounts falling due after more than one year are made up as follows:

Life Membership Equalisation Account
ions for Liabilitiesmay be analysed as follows:
Carrying amount at 1 January
Grant paid
Grant commitments made
Carrying amount at 31 December		 2020
2019
£
£
(7,384)
(7,574)
2020
2019
£
£
(76,840) (127,315)
76,840
125,465
(12,641)
(74,990)
(12,641)
(76,840)

8. Provisions for Liabilities may be analysed as follows:

9. Fund movements: Following a review of practice, it was identified that elements of the General division of the Restoration and Preservation Fund and Archive Development Fund had been treated as Restricted Funds when they should have been treated as Designated Unrestricted Funds. The effect of the reclassification is shown in this table:

Fund name
Restricted funds
Restoration and Preservation Fund
General
P.S. Waverley
P.S. Kingswear Castle
Revaluation reserve
Archive Development Fund
Total restricted funds
Unrestricted funds
General Fund
Restoration and Preservation Fund
General
Waverley
Revaluation reserve
Dyer Bequest
Archive Development Fund
Archive Collection Reserve
Total unrestricted funds
Total Funds		 Fund balances
at 31 December
2018
Reclassifications
Fund balances
at 1 January
2019
£
£
£
371,861
(344,896)
26,965
1,255
-
1,255
7,764
-
7,764
40,641
(40,641)
-
-
3,088
3,088
421,521
(382,449)
39,072
76,471
-
76,471
-
344,896
344,896
-
-
-
-
40,641
40,641
128,970
-
128,970
47,472
(3,088)
44,384
40,049
-
40,049
292,962
382,449
675,411
714,483
-
714,483

The movements in funds, restated where applicable, may be summarised as follows:

The movements in funds, restated where applicable, may be summarised as follows:
2019 RESTATED
Fund name Fund
balances at
1 January
2019
Income
Expenditure
Transfers
Gains
and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
Restricted funds
Restoration and Preservation Fund
General 26,965
2,699
(29,664)
-
-
-
P.S. Waverley 1,255
359,528
(360,783)
-
-
-
P.S. Kingswear Castle 7,764
105
-
-
-
7,869
Revaluation reserve -
-
-
-
-
-
Archive Development Fund 3,088
42
-
-
-
3,130
Total restricted funds 39,072
362,374
(390,447)
-
-
10,999
Unrestricted funds
General Fund 76,471
54,023
(65,335)
25,070
-
90,229
Restoration and Preservation Fund -
General 344,896
63,998
(281,700)
40,369
13,798
181,361
Waverley -
14,214
(119,823)
105,609
-
-
Revaluation reserve 40,641
-
-
(40,369)
2,585
2,857
Dyer Bequest 128,970
-
-
(128,970)
-
-
Archive Development Fund 44,384
3,012
-
(1,709)
-
45,687
Archive Collection Reserve 40,049
4,995
(5,176)
-
-
39,868
Total unrestricted funds 675,411
140,242
(472,034)
-
16,383
360,002
Total Funds 714,483
502,616
(862,481)
-
16,383
371,001
2020
Fund name Fund
balances
brought
forward
Income
Expenditure
Transfers
Gains
and
losses
Fund
balances
carried
forward
£
£
£
£
£
£
Restricted funds
Restoration and Preservation Fund
General -
2,068
(2,068)
-
-
-
P.S. Waverley -
101,267
(101,267)
-
-
-
P.S. Kingswear Castle 7,869
44
-
-
7,913
Archive Development Fund 3,130
47
(2,812)
-
-
365
Total restricted funds 10,999
103,426
(106,147)
-
-
8,278
Unrestricted funds
General Fund 90,229
43,506
(31,711)
(3,400)
-
98,624
Restoration and Preservation Fund
General 181,361
123,161
(6,226)
-
-
298,296
Waverley -
21,325
(24,725)
3,400
-
-
Revaluation reserves 2,857
-
-
-
14,737
17,594
Archive Development Fund 45,687
6,217
-
-
-
51,904
Archive Collection Reserve 39,868
950
-
-
63,653
104,471
Total unrestricted funds 360,002
195,159
(62,662)
-
78,390
570,889
Total Funds 371,001
298,585
(168,809)
-
78,390
579,167

10. Restricted Funds comprise the Restoration and Preservation Fund , which holds funds donated for P.S. Waverley or P.S. Kingswear Castle, or either of them and the Archive Development Fund which holds monies given for the development of the Archive Collection.

11. Grants All grants made were to other charities in pursuit of the Society’s objects of preserving in operation paddle steamers and maintaining a collection of historical material relating to paddle steamers. In general, grants are only made towards work on the fabric of the vessels supported .

12. Commitments: At 31 December 2020 there were no unprovided commitments (2019: Nil).

13. Related Party Transactions: The Society is related to the following companies because it has a majority shareholding, as described in Note 3.

14. Trustee Remuneration: None of the trustees have been paid any remuneration or received any other benefits from an employment with the Society (2019 - Nil). No person connected with a trustee received any remuneration from the Society (2019: Nil). Trustees and related parties contributed accumulated donations of £1,125 (2019 - £41,729).

15. Trustee Expenses: 3 trustees received reimbursements of travel and accommodation costs incurred in the course of their duties totalling £237 (2019 - £3,271).

16. Staff Costs and Employee Benefits: Nil (2019 - Nil).

17. Cost of Independent Examination and Other Financial Services : £1,140 was accrued for independent examination services (2019 - £1,140) and no other services were provided to the Society (2019 - Nil).

INDEPENDENT EXAMINER'S REPORT Repnrt to the nireclorslme.mtrAo.rA nf thp. Paddle Steamer Preseivalion Society on the acttounlg for thè yèar ended 31st DeGember 2020. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the trustees of the Society land also its directors for the purposes of company Lgwl you are responsible for the prg.par21ion of the ar£oLtnls in accordance wth the requirements of the Chartties and Tnjstee Investrment {Scollandl Act 2005 {'the 2005 ACYI, the Charities Accounts (Scollandl Regulations 2006 (as amended) and the Compat)ies Acl 2006 {'the 2006 Acl'l. You are satisfied that the accounts of the Scriety are not required by charity or company law to be audrted and have chosen instfjad lo have an independ8nt examination. Having satisfied myseff thal the accounts of the Society are not required to be audited under part 16 of Ihe 2006 Act and are eligible for independent examinatK)n, I report in respect of my 8xamination of the Souety's accounts carried out under seth'on 44 {1) { G) of the 2005 Act and yection 145 of the Charsknes Act 2011 14he 2011 Act'l. In ￿rryIng Qut niy examinat￿￿ I have ft)Ilowed the Wuifements of Re9ulation 11 of the CharitYè$ AcGounts (Scotlandl Regulations 20C6 (as amended) and Ihe Oireclions given by the Charity Commission under sectlon 145{51{bl of the 2011 Act. BASIS OF INDEPENDENT EXAMINER'S STATEMENT Since the SoC￿ty is required by company law to prepare ils accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 71121 of the ChaTtties Accounts Isoollandl Rogulations 2006 la6 amendèdl. I can confirm that l am qu814fied to undortakg thg oxamination beeau#• l am a regtsiered fellow memter of the Assoclalion of Accounting Technician5 atKJ The A55ociation of Ghaiity Independent Examiners which are listed bod￿. INDEPENDENT EXAMINER'S STATEMENT I have ¢ompl¢led my exgmination. I confimi that no mattor# havo ¢omo to my attention in connadion with tho examination gNing me cause to believe that in any mater￿$ respect.. i. a¢¢ountin9 records were not kept as required by section 386 of the 2006 Act and Regulation 4 of the 2006 AGcounls Regulations., or ii. the accounts do not ac￿rd with those récords with the accounting requirements of Regulation 8 of thé Charities Accounts {Scotlandl Regulations 2006; or iii. the accounts do not Gompty with the accounting requ1￿ments of gectiori 308 of the 2008 Act othor than any requirement that the aocounts give a 'true and tair view Is not a matter ¢onsi¢JereO as pan of an ind•penoeni examination". or Ihp. AtY.rbiint8 h8vp not bepn prèparéd in accordance with the methtsjs and orinciples of the Stslement of Recommonded Practi'ce ft*r a¢¢ounting and reporting by ¢harities, exeepl 86 disclosed in the Note$ to tha Accounts. I have conGern3 and havv WlTie 8¢ross no other mattefs in Gonneclrtin wrth the examination lo whiGh attention should be drawn in this report in order tcr derstsnding of the accounts to be reached. P B Robinson IAAAT FCIE Independeiil Examiners Ltd Poplars Y8Pton Lane Walberton West Sus$•x BN18 OA8 Independent .EXAMINFRS Dated.. 218t Juno 2021 Llmi¢¢d