OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-10-31-accounts

(Registered Number : 02167853)

The Paddle Steamer Preservation Society

Report of the Trustees and Financial Statements for the Year Ended 31 October 2023

73 Union Street Greenock PA16 8BG

The Paddle Steamer Preservation Society

Contents of the Financial Statements for the Year Ended 31 October 2023

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Parent Statement of Financial Activities 12
Consolidated Statement of Financial Activities 13
Parent Statement of Financial Position 14
Consolidated Statement of Financial Position 15
Consolidated Statement of Cash Flows 16
Notes to the Consolidated Statement of Cash Flows 17
Notes to the Financial Statements 18 to 41

The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2023

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. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and in accordance with he Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Society is a company limited by guarantee (having no share capital). The Society is governed by its Articles of Association which set out the Society’s objects.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 02167853 (England)

Registered Charity numbers

298328 (England) SC037603 (Scotland)

Registered office

Mayfield Hoe Lane Abinger Hammer Dorking England RH5 6RS

Trustees

Elected Members (up to seven) John Allen (Chairman) Myra Allen (deceased 02.12.22) David Green (appointed to elected vacancy 18.03.23) Richard Clammer (3) Jon Jolliffe Martin Longhurst (Treasurer) Peter Morley (Company Secretary) 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)

Page 1

Report of the Trustees for the Year Ended 31 October 2023

The Paddle Steamer Preservation Society

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

Jim Mitchell (resigned 02.10.23) Iain Roberstson (appointed 05.12.23)

Members co-opted by Council (up to two)

David Green (appointed to elected vacancy 18.03.23)

Directorships of related party companies:-

Independent auditors

Henderson & Company 73 Union Street Greenock Renfrewshire PA16 8BG

Page 2

The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2023

Legal and administrative information set out on pages 1 and 2 forms part of this report.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Articles of Association, the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and in accordance with the Companies Act 2006.

Following receipt of professional advice that consolidated accounts covering the Society and its subsidiaries, Waverley Steam Navigation Co Limited (WSN) and Paddle Steamer Kingswear Castle Trust (PSKCT), should be prepared, the Society has adopted a new reporting date of 31 October, starting in 2022. Consequently this report covers the year from 1 November 2022 to 31 October 2023, while the comparative figures relate to the 10 months from 1 January to 31 October 2022.

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 through its subsidiaries and to maintain a collection of historical material relating to the 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.

Business Review including Achievements, Performance and Future Developments SOCIETY

Supporting Paddle Steamer Waverley

Supporting P.S. Waverley to ensure that she can continue to operate remains a top priority of the Society. In 2022-23 the Society continued its policy of providing financial support to WSN as the owning charity.

Members and supporters contributed £83,515 for the Waverley, including a bequest of £18,612, and these contributions were passed on to WSN. In addition, the Society made a grant of £250,000 from its Reserves and our branches contributed an additional £26,435, including £15,435 from the Scottish Branch Grand Draw. This means that altogether the Society contributed £359,950 during the year.

Supporting Paddle Steamer Kingswear Castle

Supporting P.S. Kingswear Castle to ensure that she can continue to operate is the other top priority of the Society. In 2022-23 the Society continued its policy of providing financial support to PSKCT as the owning charity.

P.S. Kingswear Castle did not sail between September 2021 and July 2023 as she was undergoing the first phase of a major renovation project being undertaken by the ship’s charterer, Dart Pleasure Craft (DPC). This work was funded jointly by PSKCT and DPC. PSKCT’s share was partly from its reserves and partly from a public appeal.

During 2022-23 members and supporters contributed £3,555 for the Kingswear Castle and these contributions were passed on to PSKCT. In addition, the Wessex and Dart branch made a grant of £4,500 to PSKCT, including the proceeds of the fund raising cruises. In November 2023 the Society designated £250,000 of its reserves towards funding the completion of the renovation project and towards repairs to the condenser.

Other/

Page 3

The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2023

Other Paddle Steamers

Supporting Paddle Steamer Maid of the Loch

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.

During 2022-23 the steamer remained on her dedicated slipway at Balloch on Loch Lomond. While the major work on her hull plating was paused for financial reasons, work continued on rebuilding her paddle wheels. This was described in a detailed PSPS online presentation by Iain Robertson, LLSC Chairman, and this can be viewed on the PSPS Scottish Branch channel on You Tube. The Society made a grant of £33,000 towards the completion of the hull replating and the Scottish Branch donated £1,520 to pay for the new bow crest. In 2022 a grant of £15,000 was made towards the paddle wheel work.

Supporting Paddle Steamer Medway Queen

The Society maintains close links with the Medway Queen Preservation Society (MQPS), which is a working name of The New Medway Steam Packet Company Limited (NMSP). NMSP owns P.S. Medway Queen and is an independent English charity (02100358). The steamer is permanently moored at Gillingham and in November 2023 the Society made a grant of £10,200 towards the cost of installing onboard toilets suitable for her berth.

WSN

At the conclusion of Waverley’s 2022 sailing season there was a shortfall in funds to finance the winter refit and recommissioning for 2023. Despite what was a successful 2022 season in many ways, the high cost of fuel in addition to other operating costs led to a funding gap. Subsequently a £250k grant was provided by PSPS and a Drydock Appeal launched in January 2023 which raised over £200k. This additional support enabled refit work to proceed to plan. The drydock cost was greater than in the previous year due to steelwork repairs being required in respect of both sponsons and due to the installation of a new spring beam.

Timetables for the 2023 season began to be published and bookings were opened during March with strong demand evident from the outset. A significant amount of research, planning and negotiating (with ports and service providers) put in by the General Manager and his team facilitated an expanded programme including a return to the Bristol Channel and Liverpool and an evening cruise from Warrenpoint in Northern Ireland. Other features included returns to Troon, Tenby, Ryde and Ipswich and a first ever call at Shoreham-by-Sea. On the Clyde, a Round Arran cruise in August was notable. In many places Waverley’s presence was greeted by large crowds of supporters and sightseers and she attracted much attention in the media. Many days sold out. Waverley sailed for 124 days with only three days lost and two seriously curtailed due to bad weather and none lost due to technical issues. There were a couple of missed calls at Dunoon due to weather conditions. Third parties impacted two days – a Rothesay visit was missed due to a broken-down ferry and one evening cruise on the Thames was lost due to issues with Tower Bridge. The passenger journey total of 157,402 was up 55,756 on 2022. Lower fuel prices were beneficial, and the season saw improved returns from catering. Overall, the season was extremely successful and during the final sailing we were able to confirm that sufficient funding had been generated to cover anticipated winter costs for 2023/24.

During winter 2023/24, as well as scheduled survey work, further deck renewals will be carried out and the Upper Deck is to be re-caulked with new material. Improvements are planned to the crew accommodation and showers, as well as flooring repairs and redecoration in many internal areas.

It remains an objective to maintain and increase charitable income. The Trustees were delighted that Sir Timothy Laurence agreed to become a patron of WSN, a decision announced in June. We will be working with Sir Timothy to further raise Waverley’s profile as a charitable cause worthy of support. In July the trustees appointed consultants to pursue grants from Trusts and Foundations. In November a fresh Economic Impact Survey was commissioned. Promotion of Friends of Waverley, our regular donor scheme continues, and supporters will be asked to sponsor some of the expenditure planned on crew accommodation.

Page 4

The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2023

At the close of the financial year planning was well in hand to prepare Waverley for the 2024 season with dates announced for the initial sailings. Further information on planned sailings has been made available early in the winter, with timetables released from February onwards. It is hoped that Waverley will visit South West England for the first time in many years and will rendezvous with PS Kingswear Castle as she celebrates her centenary.

The WSN Trustees are grateful for the hard work of all our employees and volunteers and for the support shown by enthusiasts and the public in what was a memorable year.

PSKCT

The first and most substantial part of Kingswear Castle’s major rebuild was completed by July 2023. This was financed by surpluses from trading during the Medway years, donations, including a grant from PSPS, and by donations in kind from the charterer. After a heel test to check the ship’s stability and extensive trials with the MCA, the ship returned to service running on the River Dart six days a week until towards the end of September. Planning and fundraising for the second phase of the rebuild continues. This proposed work will include renewing the strake of the hull steelwork just below the deck from the engine room to the bow and renewing the decks forward of the engine room to the bow. The Trust remains very pleased with the way that the charterer maintains and operates Kingswear Castle on our behalf and is very grateful for their substantial donations in kind towards the rebuild.

The Trustees are mindful of the need for PSKCT to maintain sufficient reserves to see the Trust through any unforeseen issues, particularly the need for unplanned mechanical work. It had been hoped that the restricted funds of PSKCT, which originated from specific funds for Kingswear Castle from the PSPS in the year ending 30 April 2014, would be sufficient for any maintenance issued which may fall outside the scope of the charter agreement with DPC and for the planned major rebuild. However detailed costings of the rebuild suggest that this is not the case and so PSKCT launched a fundraising campaign in June 2021 to source additional donations. A new website has been constructed. This has promoted fundraising and enabled donations to be taken through the website as well as by other means.

Archive Collection

The Society has a specialised Archive Collection of over 54,000 items. The Collection has been accumulated over the 64 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.

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. By the end of the year the total of scanned drawings was nearly 600. 50% of our sailing handbills collection has also been scanned. A further 6,000 still need scanning.

Page 5

The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2023

Trustees

The Council of Management are the Society’s charity trustees. The Council of Management controls the Society and met online twice and face-to-face twice during the year. The methods of appointment are as follows:

----- Start of picture text -----
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
----- End of picture text -----

The Society operates both at UK and local levels, through five area Branches. 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.

Society Financial Statements and Membership

The Society Financial Statements for the year to 31 October 2023 show a net income of £12,197. In the ten months to 31 October 2022 there was net income of £145,241.

At 31 October 2023 the unrestricted funds of the Society comprised the General Fund standing at £72,030 (2022 - £96,965), the Restoration and Preservation Fund (General division) standing at £580,819 (2022 - £529,480) and part of the Archive Development Fund standing at £60,000 (2022 - £60,029).

The restricted funds comprised the Restoration and Preservation Fund (General division) at £1,839 (2022 - £16,869), Paddle Steamer Kingswear Castle division standing at £7,967 (2022 - £7,965) and part of the Archive Development Fund standing at £716 (2022 - £609). Full details of fund balances and movements are given in 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 that 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 2023 £296,627 was received (2022 - £224,087).

Group Financial Statements

For the year ended 31 October 2023 the group had a net surplus of £1,004,618 (10 months to 31 October 2022 - £38,279 deficit).

Voluntary Workforce

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.

Page 6

The Paddle Steamer Preservation Society

Report of the Trustees for the Year Ended 31 October 2023

Reserves Policy

The Society has three main reasons to hold reserves:

Investment Policy

In accordance with the Articles of Association the trustees have the power to invest monies of the Society not immediately required for its purpose in such investments and securities as they see fit.

Statement on Risk

The trustees have produced a Risk Register setting out the risks to which the Society is exposed and appropriate risk management strategies. Progress is monitored against the Risk Register on a regular basis and a comprehensive review is carried out on an annual basis.

Fundraising

The Society has not adopted a formal fundraising policy. However, its fundraising efforts, which are all volunteer-led, are largely directed towards its members. The only exception has been the promotion of special cruises on Waverley and Kingswear Castle and selling lottery tickets to Waverley passengers. New members are recruited by use of leaflets, through the Society’s website and social media channels.

The Society organised three successful fund-raising charters. On 26 July P.S. Waverley gave an evening cruise Round Bute which netted £9,647. On the River Dart, P.S. Kingswear Castle gave a return Dartmouth to Totnes sailing on 31 July and a cruise towards Stoke Gabriel on 19 August. Together these sailings raised £4,027.

The other major fund-raising effort for Waverley was the Grand Draw, which attracted ticket sales of £15,435. The whole amount has been paid to WSN, which donated 4 of the prizes. The remainder of the prizes and the expenses were funded by the Scottish Branch.

Membership

The Society’s membership stood at 2,429 on 31 October 2023 (31 October 2022 – 2,422) made up as shown:

----- Start of picture text -----
London North of
and England
Bristol Home and North Wessex
Channel Counties Wales Scottish and Dart Total
Full 116 207 108 410 99 940
Senior 131 208 48 250 107 744
Associate 63 115 37 167 53 435
Young
Persons 3 2 4 13 1 23
Life 39 95 18 69 39 260
Honorary 4 4 15 4 27
Total 356 631 215 924 303 2,429
----- End of picture text -----

There was a slight net increase of 7 members during the year, an increase of 0.3%.

Public Meetings

24 public meetings about paddle steamer subjects were held a 9 locations around the country during 2022-23. These are organised by the Society’s five branches in easily accessible locations.

Page 7

The Paddle Steamer Preservation Society

Report of the Trustees

for the Year Ended 31 October 2023

In parallel, we continued our programme of online events featuring Waverley, Kingswear Castle and Maid of the Loch. The three presentations are available on the PSPS Scottish Branch channel on You Tube and altogether have been viewed over 5,100 times.

Communication

The Society communicates to its members by publishing a quarterly Journal Paddle Wheels. This is a full colour A4 format magazine edited by John Allen.

The society also communicates with non-members through its website (www.paddlesteamers.org), its social media accounts and its You Tube Channel. All of these continued to be updated regularly with news about our ships and feature articles and postings of wider paddle steamer interest.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of The Paddle Steamer Preservation Society for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Henderson & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on and signed on the board's behalf by:

Peter Morley Company Secretary and Trustee

Page 8

Report of the Independent Auditors to the Trustees and Members of The Paddle Steamer Preservation Society

Opinion

We have audited the financial statements of The Paddle Steamer Preservation Society (the 'charitable company') for the year ended 31 October 2023 which comprise the group and parent charitable company Statement of Financial Activities (incorporating the income and expenditure account), the group and parent charitable company Statement of Financial Position, the group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to Going Concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion/

Page 9

Report of the Independent Auditors to the Trustees and Members of The Paddle Steamer Preservation Society

Opinion on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on Which We are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our Responsibilities for the Audit of the Financial Statements

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud as detailed below.

We considered the opportunities and incentives that may exist within the organisation for fraud. We reviewed all unusual journal entries and assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. We reviewed the financial statement disclosures and tested balances to supporting documentation. We assessed the extent of compliance with laws and regulations identified through making enquiries of management and inspecting legal correspondence.

There/

Page 10

Report of the Independent Auditors to the Trustees and Members of The Paddle Steamer Preservation Society

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of Our Report

This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company's members and parent charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

John Henderson (Senior Statutory Auditor) for and on behalf of Henderson & Company, Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 73 Union Street Greenock Renfrewshire PA16 8BG

date

Page 11

The Paddle Steamer Preservation Society

Parent Company Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2023

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
338,079
Charitable activities
Charitable activities
21,303
Trading activities
3
18,332
Investment income
12,868
Total Income
390,582
EXPENDITURE ON
Trading activities
5
(12,110)
Charitable activities
Charitable activities
6
(342,361)
Other costs
7
(8,736)
Total Expenditure
(363,207)
Net (losses)/gains on investments
(257)
NET INCOME/(EXPENDITURE)
27,118
RECONCILIATION OF FUNDS
Total funds brought forward
814,010
TOTAL FUNDS CARRIED FORWARD
841,128		 12 Months to
31.10.23
10 Months to
31.10.22
Restricted
fund
Total funds
Total funds
£
£
£
88,812
426,891
364,467
-
21,303
17,157
-
18,332
17,417
919
13,787
4,175
89,731
480,313
403,216
-
(12,110)
(9,326)
(104,652)
(447,013)
(240,379)
-
(8,736)
(6,080)
(104,652)
(467,859)
(255,785)
-
(257)
(2,190)
(14,921)
12,197
145,241
25,443
839,453
694,212
10,522
851,650
839,453

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

The notes form part of these financial statements

Page 12

The Paddle Steamer Preservation Society

Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2023

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
887,316
Charitable activities
Charitable activities
4
3,291,586
Trading activities
3
1,217,916
Investment income
40,517
Total Income
5,437,335
EXPENDITURE ON
Trading activities
5
(744,600)
Charitable activities
6
Charitable activities
(2,903,997)
Governance costs
(13,465)
Management and administration
(528,214)
Total Expenditure
(4,190,276)
Net (losses)/gains on investments
(257)
NET INCOME/(EXPENDITURE)
1,246,802
RECONCILIATION OF FUNDS
Total funds brought forward
1,979,556
TOTAL FUNDS CARRIED FORWARD
3,226,358		 12 Months to_10 Months to_
31.10.23
31.10.22
Restricted
fund
Total funds
Total funds
£
£
£
108,348
995,664
579,692
-
3,291,586
2,109,211
-
1,217,916
784,159
7,992
48,509
8,540
116,340
5,553,675
3,481,602
-
(744,600)
(563,955)
(358,524)
(3,262,521)
(2,573,545)
-
(13,465)
(9,875)
-
(528,214)
(370,316)
(358,524)
(4,548,800)
(3,517,691)
-
(257)
(2,190)
(242,184)
1,004,618
(38,279)
2,890,394
4,869,950
4,908,229
2,648,210
5,874,568
4,869,950

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

The notes form part of these financial statements

Page 13

The Paddle Steamer Preservation Society (Registered Number : 02167853)

Parent Company Statement of Financial Position At 31 October 2023

Notes
FIXED ASSETS
Heritage assets
12
Programme related investments
14
Other investments
15
CURRENT ASSETS
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
19
Provision for grant liabilities
20
Provision for doubtful debts
NET ASSETS
CAPITAL AND RESERVES
Restricted funds
22
General funds
22
Restoration and preservation fund
22
Archive development fund
22
Revaluation reserve
22
Museum collection reserve
22		 31.10.23
£
£
136,714
118,385
18,252
273,351
68,850
704,994
773,844
(44,239)
729,605
1,002,956
(10,234)
(23,871)
(117,201)
851,650
10,522
72,030
580,819
60,000
17,728
110,551
851,650		 31.10.22
£
£
132,372
118,385
18,508
269,265
61,991
732,388
794,379
(38,184)
756,195
1,025,460
(7,235)
(61,571)
(117,201)
839,453
25,443
96,965
529,480
60,029
17,985
109,551
839,453

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

Martin Longhurst Trustee

The notes form part of these financial statements

Page 14

The Paddle Steamer Preservation Society (Registered Number : 02167853) Consolidated Statement of Financial Position At 31 October 2023

Notes
FIXED ASSETS
Heritage assets
12
Tangible assets
13
Programme related investments
14
Other investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
19
Provision for grant liabilities
20
NET ASSETS
CAPITAL AND RESERVES
Restricted funds
22
General funds
22
Restoration and preservation fund
22
Archive development fund
22
Revaluation reserve
22
Museum collection reserve
22
Other reserves
22		 31.10.23
£
£
136,714
3,289,638
1,078
18,252
3,445,682
49,755
141,095
2,836,186
3,027,036
(587,916)
2,439,120
5,884,802
(10,234)
-
5,874,568
2,648,210
2,025,595
580,819
60,000
17,728
110,551
431,665
5,874,568		 31.10.22
£
£
132,372
3,384,985
1,078
18,508
3,536,943
40,775
152,487
2,007,803
2,201,065
(799,252)
1,401,813
4,938,756
(7,235)
(61,571)
4,869,950
2,890,394
830,846
529,480
60,029
17,985
109,551
431,665
4,869,950

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

The notes form part of these financial statements

Martin Longhurst Trustee

Page 15

The Paddle Steamer Preservation Society

Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

Notes
Cash flows from operating activities:
Cash generated from operations
1
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Purchase of heritage assets
Purchase of fixed assets
Interest received
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.10.23
£
955,602
955,602
(3,342)
(172,386)
48,509
(127,219)
828,383
2,007,803
2,836,186		 31.10.22
£
576,751
576,751
-
(359,739)
8,540
(351,199)
225,552
1,782,251
2,007,803

The notes form part of these financial statements

Page 16

The Paddle Steamer Preservation Society

Notes to the Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
10 Months
to
31.10.23 31.10.22
£ £
Net income/(expenditure) for the reporting period (as per the statement
of financial activities) 1,004,618 (38,279)
Adjustments for:
Depreciation charges 267,733 203,415
Donated heritage asset (1,000) -
Loss on investments 257 2,190
Interest received (48,509) (8,540)
Increase in stocks (8,980) (18,990)
Decrease/(Increase) in debtors 11,392 (122,583)
(Decrease)/Increase in creditors (269,909) 559,538
Net cash provided by (used in) operating activities 955,602 576,751

2. ANALYSIS OF CHANGES IN NET FUNDS

At 31.10.22 Cash flow At 31.10.23
£ £ £
Net cash
Cash at bank 2,007,803 828,383 2,836,186

Page 17

The Paddle Steamer Preservation Society

Notes to the Financial Statements for the Year Ended 31 October 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the company’s transactions are denominated.

The accounts have been prepared on a going concern basis under the historical cost convention with the exception of investments which are included at market value. Loans to Waverley Steam Navigation Company are shown at their full value within Total Assets of the Parent Company although a full doubtful debt provision has been made and included in Liabilities, reflecting the fair value of the loans. The Standards require loans to be shown at their fair value meaning neither balance would be disclosed.

Basis of consolidation

The financial statements consolidate the results of the charitable company and its subsidiaries on a line by line basis. Intercompany transactions and balances between group companies are eliminated in full. Figures labelled as Parent Company or Society include transactions of the Society alone. The group comprises the Paddle Steamer Preservation Society, Paddle Steamer Kingswear Castle Trust, Waverley Steam Navigation Co Limited and Waverley Excursions Limited.

Going concern

The accounts have been prepared on a going concern basis as the trustees are of the opinion that the group and charity can continue to meet its obligations as they fall due for the foreseeable future. The group has a strong cash position at 31 October 2023 as shown on the Statement of Financial Position.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Costs of raising funds comprise the costs of commercial trading on board P.S. Waverley, including merchandising, the dining and catering facilities, bar and their associated support costs.

Expenditure on charitable activities includes the costs of operating and preserving PS. Waverley, P.S. Kingswear Castle and activities undertaken to further the purposes of the charities and their associated support costs.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which support the charities’ activities in relation to P.S. Waverley.

Heritage assets

The Collection was revalued at 1 January 2020 and is subject to an annual impairment review. Donated items are recognised at their estimated fair value.

Page 18

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

1. ACCOUNTING POLICIES – continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Equipment for Vessels 5% -10% straight line P.S. Waverley 4% straight line

Investments

Programme related investments are included at their nominal value or historical cost less impairment.

Investments held to generate income or for their investment potential are valued at fair value. Gains and losses are recognised in the year they arise. Unrealised gains or losses are added to or deducted from the Fund to which the investment relates and the total is shown in a Revaluation Reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Annual membership subscriptions

As the subscription year runs from August to July for the bulk of members, this income is apportioned between the appropriate financial years.

Life membership equalisation account

Life membership subscriptions are credited to this account upon receipt and are then recognised as income in equal instalments over 20 years.

Grants

Liabilities arising from grant commitments made by the Society are recognised by creating a provision pending the fulfilment of conditions at which point the obligation becomes binding.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group’s pension scheme are charged to expenditure in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount due after any discounts offered.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 19

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

1. ACCOUNTING POLICIES – continued

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any discounts.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.

Significant Judgments and Estimates

In the application of the Company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects both current and future periods. The trustees are satisfied that the accounting policies are appropriate and applied consistently.

Critical judgements are made in the application of income recognition accounting policies, and the timing of the recognition income in accordance with the Charities SORP (FRS 102).

2. DONATIONS AND LEGACIES Group

Unrestricted
Restricted
£
£
Membership Subscriptions
44,496
-
Donations
489,302
89,736
Legacies
353,518
18,612
Grants
-
-
887,316
108,348
Society

Unrestricted
Restricted
£
£
Membership subscriptions
44,496
-
Donations
15,568
70,200
Legacies
278,015
18,612
338,079
88,812		 31.10.23
Total
£
44,496
579,038
372,130
-
995,664
31.10.23
Total
£
44,496
85,768
296,627
426,891		 10 Months
to
31.10.22
Total
£
32,719
242,944
304,029
-
579,692
10 Months
to
31.10.22
Total
£
32,719
107,661
224,087
364,467

Society

Page 20

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

3. TRADING ACTIVITIES Group

Lottery sales

Other trading activities

Shop sales

Bar and catering revenue


Society
Lottery sales

Other trading activities

4.
INCOME FROM CHARITABLE ACTIVITIES
Group
Sailing revenue
Charter Fee
Other Income
Society
Other income
5.
TRADING ACTIVITIES
Group
Purchases
Staff costs
Other costs
Society
Other costs		 31.10.23
£
15,435
2,897
267,718
931,866
1,217,916
31.10.23
£
15,435
2,897
18,332
31.10.23
£
3,257,489
12,794
21,303
3,291,586
31.10.23
£
21,303
31.10.23
£
405,329
224,860
114,411
744,600
31.10.23
£
12,110		 10 Months
to
31.10.22
£
16,935
482
184,354
582,388
784,159
10 Months
to
31.10.22
£
16,935
482
17,417
10 Months
to
31.10.22
£
2,069,988
21,971
17,252
2,109,211
10 Months
to
31.10.22
£
17,157
10 Months
to
31.10.22
£
274,916
199,401
89,638
563,955
10 Months
to
31.10.22
£
9,326

Page 21

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

6. CHARITABLE ACTIVITIES COSTS

Group – year ended 31 October 2023

Direct costs
Support costs
(See note 7)
£
£
Staff costs
635,615
-
Ship repair and operating costs
2,280,165
-
Depreciation
267,733
-
Grant for P.S. Maid of the Loch
34,520
-
Paddle wheels journals and newsletters
17,665
-
Archive collection
22,818
-
Public meetings
4,005
-
Governance costs
-
13,465
Management and administration
528,214
3,262,521
541,679
Group – period ended 31 October 2022
Direct costs
Support costs
(See note 7)
£
£
Staff costs
534,989
-
Ship repair and operating costs
1,784,789
-
Depreciation
203,415
-
Grant for P.S. Maid of Loch
15,000
-
Paddle wheels journals and newsletters
12,230
-
Archive collection
12,009
-
Public meetings
1,718
-
Other costs
9,395
-
Governance costs
-
9,875
Management and administration
370,316
2,573,545
380,191		 Totals
£
635,615
2,280,165
267,733
34,520
17,665
22,818
4,005
13,465
528,214
3,804,200
Total
£
534,989
1,784,789
203,415
15,000
12,230
12,009
1,718
9,395
9,875
370,316
2,953,736

Group – period ended 31 October 2022

Society – period ended 31 October 2023

Unrestricted
Funds
£
Grants for P.S. Waverley
258,853
Grants for P.S. Kingswear Castle
4,500
Grants for P.S. Maid of the Loch
34,520
Paddle Wheels Journals and Newsletters
17,665
Archive Collection
22,818
Public Meetings
4,005
342,361		 Restricted
Funds
£
101,097
3,555
-
-
-
-
104,652		 Total
£
359,950
8,055
34,520
17,665
22,818
4,005
447,013

Page 22

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

6. CHARITABLE ACTIVITIES COSTS – continued

----- Start of picture text -----
|| |---| |Society – period ended 31 October 2022|

----- End of picture text -----

Unrestricted
Funds
£
Grants for P.S. Waverley
35,214
Grants for P.S. Kingswear Castle
2,206
Grants for P.S. Maid of the Loch
15,000
Paddle Wheels Journals and Newsletters
12,230
Archive Collection
12,009
Public Meetings
1,718
78,377
SUPPORT COSTS
Group
Governance
costs
Management
and
administration
£
£
Auditors' remuneration
10,070
-
Auditors' remuneration – non audit work
2,325
-
Other professional fees
1,070
13,560
Staff costs
-
358,678
Office costs
-
31,110
Postage and stationery
-
51,738
Fundraising costs
-
25,322
Other costs
-
47,806
13,465
528,214
Society
Governance
costs
Management
and
administration
£
£
Auditors’ remuneration
3,920
-
Other costs
-
4,816
3,920
4,816		 Restricted
Funds
£
137,172
24,830
-
-
-
-
162,002
31.10.23
Total
activities
£
10,070
2,325
14,630
358,678
31,110
51,738
25,322
47,806
541,679		 Total
£
172,386
27,036
15,000
12,230
12,009
1,718
240,379
10 Months
to
31.10.22
Total
activities
£
6,125
3,750
10,691
257,201
25,566
31,398
9,707
35,753
380,191
10 Months
to
31.10.22
Total
activities
£
3,000
3,080
6,080
31.10.23
Total
activities
£
3,920
4,816
8,736

7. SUPPORT COSTS Group

Society

Page 23

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

8. NET INCOME/(EXPENDITURE)

Group

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Auditors' remuneration for non audit work
Depreciation - owned assets
ociety
Net income/(expenditure) is stated after charging/(crediting):
Auditors’ remuneration		 31.10.23
10 Months
to
31.10.22
£
£
8,445
6,125
3,950
3,750
267,733
203,415
31.10.23
10 Months
to
31.10.22
£
£
3,920
3,000

Society

Net income/(expenditure) is stated after charging/(crediting):

9. TRUSTEES' REMUNERATION AND BENEFITS

All trustees of the Paddle Steamer Preservation Society operate on a voluntary basis and are not remunerated for the services which they provide. No person connected with a trustee received remuneration from the Society. Trustees and related parties contributed accumulated donations of £1,891 (2022 - £1,234).

Subsidiary companies paid remuneration during the period to three of their directors, two of whom were trustees of the Paddle Steamer Preservation Society, totalling £76,118 (10 months to 31.10.22 – £72,336). Payments to money purchase pension schemes on behalf of these directors totalled £2,002 (10 months to 31.10.22 - £1,832).

Trustees' expenses

Three Society trustees received reimbursements of travel and accommodation costs incurred in the course of their duties totalling £869 (2022 - £521 reimbursed to four trustees).

10. STAFF COSTS

Group

31.10.23
£
Wages and salaries
544,255
Social security costs
50,202
Other pension costs
16,614
Crew Hire Costs
608,082
1,219,153
The average monthly number of employees during the year was as follows:
31.10.23
Sailing
27
Office staff and management
9
36		 10 Months
to
31.10.22
£
891,681
36,408
18,613
44,889		 10 Months
to
31.10.22
£
891,681
36,408
18,613
44,889
991,591
10 Months
to
31.10.22
22
8
30
30

The average monthly number of employees during the year was as follows:

One employee received remuneration between £60,000 and £70,000, (2022 – 1 employee on a pro rata basis for the 10 month period).

Page 24

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES GROUP

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
378,889
Charitable activities
4
Charitable activities
2,109,211
Trading activities
3
784,159
Investment income
4,731
Total Income
3,276,990
EXPENDITURE ON
Trading activities
5
(563,955)
Charitable activities
6
Charitable activities
(2,236,683)
Governance costs
(9,875)
Management and administration
(370,316)
Total Expenditure
(3,180,829)
Net (losses)/gains on investments
(2,190)
NET INCOME/(EXPENDITURE)
93,971
RECONCILIATION OF FUNDS
Total funds brought forward
1,885,585
TOTAL FUNDS CARRIED
FORWARD
1,979,556		 10 months to 31.10.22
Restricted
fund
Total funds
£
£
200,803
579,692
-
2,109,211
-
784,159
3,809
8,540
204,612
3,481,602
-
(563,955)
(336,862)
(2,573,545)
-
(9,875)
-
(370,316)
(336,862)
(3,517,691)
-
(2,190)
(132,250)
(38,279)
3,022,644
4,908,229
2,890,394
4,869,950		 10 months to 31.10.22
Restricted
fund
Total funds
£
£
200,803
579,692
-
2,109,211
-
784,159
3,809
8,540
204,612
3,481,602
-
(563,955)
(336,862)
(2,573,545)
-
(9,875)
-
(370,316)
(336,862)
(3,517,691)
-
(2,190)
(132,250)
(38,279)
3,022,644
4,908,229
2,890,394
4,869,950
(3,517,691)
(2,190)
(38,279)
4,908,229
4,869,950

Page 25

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES SOCIETY

Unrestricted
fund
Notes
£
INCOME
Donations and legacies
2
194,897
Charitable activities
Charitable activities
4
17,157
Trading activities
3
17,417
Investment income
4,007
Total Income
233,478
EXPENDITURE ON
Raising funds
5
(9,326)
Charitable activities
Charitable activities
6
(78,377)
Other costs
7
(6,080)
Total Expenditure
(93,783)
Net (losses)/gains on investments
(2,190)
NET INCOME/(EXPENDITURE)
137,505
RECONCILIATION OF FUNDS
Total funds brought forward
676,505
TOTAL FUNDS CARRIED
FORWARD
814,010		 10 months to 31.10.22
Restricted
fund
Total funds
£
£
169,570
364,467
-
17,157
-
17,417
168
4,175
169,738
403,216
-
(9,326)
(162,002)
(240,379)
-
(6,080)
(162,002)
(255,785)
-
(2,190)
7,736
145,241
17,707
694,212
25,443
839,453

Page 26

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

12. HERITAGE ASSETS

Group and Society

Archive Collection

The Society owns a collection of relics relating to paddle steamers. The collection was revalued at market value at 1 January 2020 and is subject to an annual impairment review. No impairment was identified during 2023. Movements in 2023 are summarised as follows:-

At 1 November 2022
Additions
Disposals
At 31 October 2023		 Donated at
Valuation


£
114,733
1,000
-
115,733		 Purchased
At Cost
£
17,639
3,342
-
20,981		 Total
£
132,372
4,342
-
136,714

Accounting standards also require the publication of a five year summary as follows:-

Acquisitions
Purchases
Donations
Charge for impairment
Donated items
Purchased items		 2023 2022
2020
2019
£
£
£
£
3,342
536
501
-
1,000
3,580
1,500
950
4,342
4,116
2,001
950
-
-
-
-
-
-
-
-
-
-
-
-		 2019
£
50
4,995
5,045
(5,177)
(792)
(5,969)

There were no disposals during the five year period.

Page 27

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

13. FIXED ASSETS Group

Equipment
for Vessels
£
COST
At 1 November 2022
70,158
Additions
14,373
At 31 October 2023
84,531
DEPRECIATION
At 1 November 2022
5,546
Charge for year
6,906
At 31 October 2023
12,452
NET BOOK VALUE
At 31 October 2023
72,079
At 31 October 2022
64,612
P.S.
Waverley
£
8,787,868
-
8,787,868
6,274,467
239,628
6,514,095
2,273,773
2,513,401		 P.S.
Kingswear
Castle
£
435,000
-
435,000
-
-
-
435,000
435,000		 P.S.

Kingswear
Castle Refit
£
371,972
158,013
529,985
-
21,199
21,199
508,786
371,972		 Totals
£
9,664,998
172,386
9,837,384
6,280,013
267,733
6,547,746
3,289,638
3,384,985

On 18th February 1998 the Trustees of the National Heritage Memorial Fund took a 25 year mortgage on the vessel P.S. "Waverley" as security for the conditions of the grant accepted by the Company for the Heritage Rebuild project. The Paddle Steamer Preservation Society have a charge on P.S. "Waverley" securing a maximum sum of £695,835.

14. PROGRAMME RELATED INVESTMENTS Group

Shares in Dart Valley Railway Limited
Society
Shares in Paddle Steamer Kingswear Castle Trust Limited
Shares in Waverley Steam Navigation Co. Limited
Loans to Waverley Steam Navigation Co. Limited
Shares in Dart Valley Railway Limited		 31.10.23
£
1,078
31.10.23
£
55
51
117,201
1,078
118,385		 31.10.22
£
1,078
31.10.22
£
55
51
117,201
1,078
118,385

Page 28

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

14. INVESTMENTS

The Paddle Steamer Preservation Society owns 83% of the issued share capital in Paddle Steamer Kingswear Castle Trust Limited, the owner of P.S. Kingswear Castle. 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 no. 299931).

The Paddle Steamer Preservation Society owns 69% of the issued share capital in Waverley Steam Navigation Co. Limited, the owner of P.S. Waverley. 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 Scotland no. SC005832). P.S. Waverley is operated by Waverley Excursions Limited which is a wholly owned subsidiary of Waverley Steam Navigation Co. Limited.

Waverley Excursions Limited disposed of its 100% shareholding in Waverley Excursions Guernsey (2015) Ltd during the current year. This company is registered in Guernsey (registered number 1-60182) and is an employment company.

If upon winding up or dissolution of the above subsidiary companies there remains after satisfaction of all debts any property whatsoever the same shall not be paid or distributed among the shareholders but shall be given to some other charitable institution having similar objects. No dividends are payable by the subsidiary companies. As such it is not considered that there are any minority interests.

The loans by the Society to Waverley Steam Navigation Co. Limited are interest free and are repayable on two years’ notice expiring on 31 March in any year.

The shares in Dart Valley Railway Limited were donated to the Society. Dart Valley Railway Limited is the ultimate holding company of Dart Pleasure Craft Limited, charterers of P.S. Kingswear Castle. The shares are shown in the accounts at their value at the date of donation.

15. OTHER INVESTMENTS

Other investments held by the Society to generate income or for their investment potential consisted of a holding in Charities Official Investment Fund Income Units at 31 October 2023 and 31 October 2022.

16. STOCKS Group

Souvenir shop stock
Bar and catering stock
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Trade debtors
Prepayments and accrued income
Bequests
Gift aid
Other debtors		 31.10.23
£
41,054
8,701
49,755
31.10.23
£
2,957
44,706
52,000
28,296
13,136
141,095		 31.10.22
£
31,753
9,022
40,775		 31.10.22
£
31,753
9,022
40,775
40,775
31.10.22
£
911
48,085
43,277
29,694
30,520
152,487

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group

Page 29

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued
Society

Prepayments and accrued income
Bequests
Gift aid
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Trade creditors
Social security and other taxes
Other creditors
Annual subscriptions in advance
Life membership equalisation account
Society
Trade creditors
Annual subscriptions in advance
Life membership equalisation account
19.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group and Society

Life membership equalisation account
20.
PROVISIONS FOR GRANT LIABILITIES
Group
Carrying amount at 1 January

Grant paid

Grant commitments made

Society
Carrying amount at 1 January

Grant paid

Grant commitments made
 31.10.23
£
3,932
52,000
12,918
68,850
31.10.23
£
227,170
89,784
237,512
32,307
1,143
587,916
31.10.23
£
10,789
32,307
1,143
44,239
31.10.23
£
10,234
31.10.23
£
(61,571)
61,571
-
-
31.10.23
£
(61,571)
61,571
(23,871)
(23,871)		 31.10.22
£
2,069
43,277
16,645
61,991
31.10.22
£
193,640
80,176
484,935
29,550
951
799,252
31.10.22
£
7,683
29,550
951
38,184
31.10.22
£
7,235
31.10.22
£
(30,336)
30,336
(61,571)
(61,571)
31.10.22
£
(30,336)
30,336
(61,571)
(61,571)

Page 30

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Unrestricted
fund
£
Fixed assets
807,994
Current assets
3,016,514
Current liabilities
(587,916)
Long term liabilities
(10,234)
3,226,358
Society
Unrestricted
fund
£
Fixed assets
273,351
Current assets
763,322
Current liabilities
(44,239)
Long term liabilities
(151,306)
841,128
22.
MOVEMENT IN FUNDS
Group
Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle Revaluation Reserve
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit Capital Fund
P.S. Kingswear Castle Rebuild Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 31.10.23
31.10.22
Restricted
fund
Total funds
Total funds
£
£
£
2,637,688
3,445,682
3,536,943
10,522
3,027,036
2,201,065
-
(587,916)
(799,252)
-
(10,234)
(68,806)
2,648,210
5,874,568
4,869,950
31.10.23
31.10.22
Restricted
fund
Total funds
Total funds
£
£
£
-
273,351
269,265
10,522
773,844
794,379
-
(44,239)
(38,184)
-
(151,306)
(186,007)
10,522
851,650
839,453
At 1.1.22
Net movement
in funds
At 31.10.23
£
£
£
830,846
1,194,749
2,025,595
529,281
51,538
580,819
199
(199)
-
431,665
-
431,665
17,985
(257)
17,728
60,029
(29)
60,000
109,551
1,000
110,551
1,979,556
1,246,802
3,226,358
1,108,722
(162,458)
946,264
1,374,994
(77,170)
1,297,824
381,235
12,365
393,600
16,869
(15,030)
1,839
7,965
2
7,967
609
107
716
2,890,394
(242,184)
2,648,210
4,869,950
1,004,618
5,874,568

Page 31

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Group

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit
Capital Fund
P.S. Kingswear Castle
Rebuild Fund
Restoration and
Preservation Fund General
P.S. Waverley
Archive Development Fund
TOTAL FUNDS		 Incoming
Resources
£
5,138,776
283,749
8
-
13,802
1,000
5,437,335
-
-
3,557
26,609
2,560
83,507
107
116,340
5,553,675		 Resources
Expended
£
(3,944,027)
(232,211)
(207)
-
(13,831)
-
(4,190,276)
(162,458)
(77,170)
(3,555)
(14,244)
(17,590)
(83,507)
-
(358,524)
(4,548,800)		 Transfer
between
funds
Gains and
Losses
Movement in
funds
£
£
£
-
-
1,194,749
-
-
51,538
-
-
(199)
-
(257)
(257)
-
-
(29)
-
-
1,000
-
(257)
1,246,802
-
-
(162,458)
-
-
(77,170)
-
-
2
-
-
12,365
-
-
(15,030)
-
-
-
-
-
107
-
-
(242,184)
-
(257)
1,004,618

Page 32

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Group

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle Revaluation Reserve
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit Capital Fund
P.S. Kingswear Castle Rebuild Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.1.22
Net
movement in
funds
£
£
888,103
(57,257)
381,939
147,342
-
199
431,665
-
20,175
(2,190)
57,732
2,297
105,971
3,580
1,885,585
93,971
1,244,104
(135,382)
1,439,302
(64,308)
321,531
59,704
9,175
7,694
7,965
-
567
42
3,022,644
(132,250)
4,908,229
(38,279)		 At 31.10.22
£
830,846
529,281
199
431,665
17,985
60,029
109,551
1,979,556
1,108,722
1,374,994
381,235
16,869
7,965
609
2,890,394
4,869,950

Page 33

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Group

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.W. Waverley Boiler Refit
Capital Fund
P.S. Kingswear Castle
Rebuild Fund
Restoration and
Preservation Fund General
P.S. Waverley
Archive Development Fund
TOTAL FUNDS		 Incoming
Resources
£
3,118,782
147,342
202
-
-
7,084
3,580
3,276,990
-
-
59,704
7,694
137,172
42
204,612
3,481,602		 Resources
Expended
£
(3,174,939)
-
(503)
(500)
-
(4,887)
-
(3,180,829)
(135,382)
(64,308)
-
-
(137,172)
-
(336,862)
(3,517,691)		 Transfer
between
funds
£
(1,100)
-
500
500
-
100
-
-
-
-
-
-
-
-
-
-		 Gains and
Losses
Movement in
funds
£
£
-
(57,257)
-
147,342
-
199
-
-
(2,190)
(2,190)
-
2,297
-
3,580
(2,190)
93,971
-
(135,382)
-
(64,308)
-
59,704
-
7,694
-
-
-
42
-
(132,250)
(2,190)
(38,279)

Page 34

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Group

A current year and prior year 10 months combined net movement in funds is as follows:-

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle Revaluation Reserve
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit Capital Fund
P.S. Kingswear Castle Rebuild Fund
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.1.22
Net movement
in funds

£
£
888,103
1,137,492
381,939
198,880
431,665
-
20,175
(2,447)
57,732
2,268
105,971
4,580
1,885,585
1,340,773
1,244,104
(297,840)
1,439,302
(141,478)
321,531
72,069
9,175
(7,336)
7,965
2
567
149
3,022,644
(374,434)
4,908,229
966,339		 At 31.10.23
£
2,025,595
580,819
431,665
17,728
60,000
110,551
3,226,358
946,264
1,297,824
393,600
1,839
7,967
716
2,648,210
5,874,568

Page 35

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Group

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Revaluation Reserves
Archive Development
Fund
Archive Collection Reserve
Restricted funds
P.S. Waverley Rebuild Fund
P.S. Waverley Boiler Refit
Capital Fund
P.S. Kingswear Castle
Rebuild Fund
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Archive Development
Fund
TOTAL FUNDS		 Incoming
Resources
£
8,257,558
431,091
210
-
-
20,886
4,580
8,714,325
-
-
86,313
10,254
220,679
3,557
149
320,952
9,035,277		 Resources
Expended
£
(7,118,966)
(232,211)
(710)
(500)
-
(18,718)
-
(7,371,105)
(297,840)
(141,478)
(14,244)
(17,590)
(220,679)
(3,555)
-
(695,386)
(8,066,491)		 Transfer
between
funds
£
(1,100)
-
500
500
-
100
-
-
-
-
-
-
-
-
-
-
-		 Gains and
Losses
Movement in
funds
£
£
-
1,137,492
-
198,880
-
-
-
-
(2,447)
(2,447)
-
2,268
-
4,580
(2,447)
1,340,773
-
(297,840)
-
(141,478)
-
72,069
-
(7,336)
-
-
-
2
-
149
-
(374,434)
(2,447)
966,339

Page 36

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Society

Unrestricted funds
General Fund
Restoration and Preservation Fund General
P.S. Waverley
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.1.22
Net movement
in funds
£
£
96,965
(24,935)
529,281
51,538
199
(199)
17,985
(257)
60,029
(29)
109,551
1,000
814,010
27,118
16,869
(15,030)
7,965
2
609
107
25,443
(14,921)
839,453
12,197		 At 31.10.23
£
72,030
580,819
-
17,728
60,000
110,551
841,128
1,839
7,967
716
10,522
851,650

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and Preservation
Fund General
P.S. Waverley
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
Restoration and Preservation
Fund General
P.S. Waverley
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 Incoming
Resources
£
92,023
283,749
8
-
13,802
1,000
390,582
2,560
83,507
3,557
107
89,731
480,313		 Resources
Expended
£
(116,958)
(232,211)
(207)
-
(13,831)
-
(363,207)
(17,590)
(83,507)
(3,555)
-
(104,652)
(467,859)		 Transfer
between
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Gains and
Losses
Movement in
funds
£
£
-
(24,935)
-
51,538
-
(199)
(257)
(257)
-
(29)
-
1,000
(257)
27,118
-
(15,030)
-
-
-
2
-
107
-
(14,921)
(257)
12,197		 Gains and
Losses
Movement in
funds
£
£
-
(24,935)
-
51,538
-
(199)
(257)
(257)
-
(29)
-
1,000
(257)
27,118
-
(15,030)
-
-
-
2
-
107
-
(14,921)
(257)
12,197
27,118
(15,030)
-
2
107
(14,921)
12,197

Page 37

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS - continued Society

Society
Net movement
At 1.1.22 in funds At 31.10.22
£ £ £
Unrestricted funds
General Fund 110,688 (13,723) 96,965
Restoration and Preservation Fund General 381,939 147,342 529,281
P.S. Waverley - 199 199
Revaluation Reserves 20,175 (2,190) 17,985
Archive Development Fund 57,732 2,297 60,029
Archive Collection Reserve 105,971 3,580 109,551
676,505 137,505 814,010
Restricted funds
Restoration and Preservation Fund General 9,175 7,694 16,869
P.S. Kingswear Castle 7,965 - 7,965
Archive Development Fund 567 42 609
17,707 7,736 25,443
TOTAL FUNDS 694,212 145,241 839,453
Net movement in funds, included in the above are as follows:
Incoming Resources Transfer
Gains and		 Movement in
Resources Expended between Losses funds
funds
£ £ £ £ £
Unrestricted funds
General fund 75,270 (87,893) (1,100) - (13,723)
Restoration and
Preservation Fund General 147,342 - - - 147,342
P.S. Waverley 202 (503) 500 - 199
P.S. Kingswear Castle - (500) 500 - -
Revaluation Reserves - - - (2,190) (2,190)
Archive Development Fund 7,084 (4,887) 100 - 2,297
Archive Collection Reserve 3,580 - - - 3,580
233,478 (93,783) - (2,190) 137,505
Restricted funds
Restoration and
Preservation Fund General 7,694 - - - 7,694
P.S. Waverley 137,172 (137,172) - - -
P.S. Kingswear Castle 24,830 (24,830) - - -
Archive Development Fund 42 - - - 42
169,738 (162,002) - - 7,736
TOTAL FUNDS 403,216 (255,785) - (2,190) 145,241

Page 38

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Society

A current year and prior year 10 months combined net movement in funds is as follows:-

Unrestricted funds
General Fund
Restoration and Preservation Fund General
Revaluation Reserves
Archive Development Fund
Archive Collection Reserve
Restricted funds
Restoration and Preservation Fund General
P.S. Kingswear Castle
Archive Development Fund
TOTAL FUNDS		 At 1.1.22
Net movement
in funds

£
£
110,688
(38,658)
381,939
198,880
20,175
(2,447)
57,732
2,268
105,971
4,580
676,505
164,623
9,175
(7,336)
7,965
2
567
149
17,707
(7,185)
694,212
157,438		 At 31.10.23
£
72,030
580,819
17,728
60,000
110,551
841,128
1,839
7,967
716
10,522
851,650

Page 39

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

22. MOVEMENT IN FUNDS – continued Society

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Revaluation Reserves
Archive Development
Fund
Archive Collection Reserve
Restricted funds
Restoration and
Preservation Fund General
P.S. Waverley
P.S. Kingswear Castle
Archive Development
Fund
TOTAL FUNDS		 Incoming
Resources
£
167,293
431,091
210
-
-
20,886
4,580
624,060
10,254
220,679
28,387
149
259,469
883,529		 Resources
Expended
£
(204,851)
(232,211)
(710)
(500)
-
(18,718)
-
(456,990)
(17,590)
(220,679)
(28,385)
-
(266,654)
(723,644)		 Transfer
between
funds
£
(1,100)
-
500
500
-
100
-
-
-
-
-
-
-
-		 Gains and
Losses
Movement in
funds
£
£
-
(38,658)
-
198,880
-
-
-
-
(2,447)
(2,447)
-
2,268
-
4,580
(2,447)
164,623
-
(7,336)
-
-
-
2
-
149
-
(7,185)
(2,447)
157,438

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.

P.S. Waverley rebuild funds are comprised of capital grants received towards the rebuild costs of P.S. Waverley less annual depreciation charges.

P.S. Waverley Boiler refit capital fund represents the capital cost incurred on the boiler refit project less depreciation.

P.S. Kingswear Castle rebuild fund related solely to funds received towards major work on the vessel.

Page 40

The Paddle Steamer Preservation Society

Notes to the Financial Statements - continued for the Year Ended 31 October 2023

23. GRANTS

All grants made by the Society were to other charities in pursuit of the Society’s object 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.

24. CAPITAL COMMITMENTS Group and company

31.10.23 31.10.22 £ £ Contracted for but not provided in these financial statements - -

25. LEASE COMMITMENTS

The Paddle Steamer Preservation Society leases its archive premises from Chatham Historic Dockyard Trust at an annual rental of £6,674 on a lease expiring on 24 May 2025.

Page 41