**(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:-
- (1) Waverley Steam Navigation Co. Limited
- (2) Waverley Excursions Limited
- (3) Paddle Steamer Kingswear Castle Trust Limited
## **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:
- i. To maintain the operation of the Society. The Council of Management has set this sum at £50,000.
- ii. To continue the preservation and development of its Archive Collection. The Council of Management has designated £60,000 for this activity, being a part of the Archive Development Fund.
- iii. To provide for the refit or repair of P.S. Waverley should WSN not have funds to do so. The Council of Management believes this reserve should be at least £600,000. £597,000 was available at 31 October 2023, although £250,000 has subsequently been designated for P.S. Kingswear Castle.
## **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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **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:
- give a true and fair view of the state of the group and parent charitable company's affairs as at 31 October 2023 and of the group and parent charitable company’s incoming resources and application of resources, including the group and parent charitable company’s income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
## **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:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
## **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:
- the parent charitable company has not kept proper and adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **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