(Registercd Number . 02167853) The Paddle Steamey Pyeservation Society Report of the Trustees and Fin#thcial Stgtemcllts for tlie Year Emded 31 Octobei. 2024 HENDERSON & COMPANY 73 UIiiDII IStre¥i GIeaCk PA16 61K'
The Pa(Idle Steainer Preservation Soeicty Contents of the Financial Statevnents for the Year Ended 31 October 2024 Page Repoit of the Trustees I to9 Report of the Independent Auditors Ioto 12 Parent Statement of Financial Activities 13 Consoliduted Statement of Finaiicial Activities 14 Parent Statement of Financial Position 15 Consolidated Statemcnt of Finaiicial Position 16 Con501idated St&tem¢nt of Cash Flows 17 Notes to the Con501idated Statement of Cash Flows 18 Notes to th¢ Financial Statements 19to42
The Pad(Ile Steamer Preseiwation SoL'iety Report of the TJ'ustcLb for the Yoar Ended 31 October 2024 The Council of Managem¢i)t pi'cs¢nts its I'epoit wl)icli fomis tlie TrLislees' Aniiual IEporl i-equired by chai'ily law and tlie Directors, repoit i'equii'ed by Company law. Th¢ ti'ustces have adopted tlie provisions of Accountliig and Reportii)g by Charitie5.' Sialcineilt of Recoininended Practice applicable to cliai'itieb preparing iheir accouiils iii accoi'dance witli th¢ Fii)ai)cial Reportiiig Staiidai'd applicable in the UK and Republic of Ii'eland (FRS 102) and iii accoi'dai)ce wilh lie Companies Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Govcrning document )e Society is a coinpany limited by guai'antee (having no shar¢ capital). The Socicty is governed by its Article5 of Associalion wliicli set out the So¢iety's objects. REFEI RENCE AND ADMJNISTRATIVE DETAtLS Registered Company nuEMbei' 02167853 (England) Registered Charity numbers 298328 (Engl41)d) SC037603 (Scotland) Registered offEce Mayfield Hoc Laiie Abinger Hammer Dorkii)g England RHS 6RS Trustees Elected Members (up to seven) John Allen (Cliaitman) David Green Richard Clainmer (3) Jon Jolliffe Martin Longhurst (TreasuiEr) Pcter Morley (Company Secretary) Paul Semple (1&2) Brall¢h Representative5 (up to five) Keith Adains (Wessex and Dart) Angela Johnson (North of England and North Wal¢s) (National Secrctsry) Noel Kemp (Bi'istol Channel) Christophei. Larkill {London and Home Counties) Gordon Wilson (Scottish) (Vice Chairman) (Membei'ship Secretary) Representative of Waverley Steam Navigation c Ltd. (may appoint one trustee) Deiyk Do¢h¢rty (1 &2) Representative of P.S King5wear Castle Trust Ltd. {m*y 2pp0fit one trustee) John Megoran (3) Page I
The Paddle Steamer l)reseiwation Soeiety Repoi't of ih¢ Triistees for the Year Ended 31 October 2024 Repre5ellt#tivc of Loeh Lomon(I Sfe2mship Co. (may appoint onc trustee) laiii Rob¢islsoi) (appoiiited 05.12.23) Members co-opted by Couiicil (up to hvo) Vacai)¢y Vacaii¢y Direcloi'sliips of related party rompanics'.- (l ) Waverley Steain Navigation Co. Limited (2) Wawerley F.xcursions Limited (3) Paddlc Si¢amer lQingswear Castle Trust Liinitcd Indcpendent auditors Henderson & CompAny 73 Union Street Gi'eenock Rcnfyewshire PA16 8BG Page 2
The Paddle Steamer PreSetIon Society Report of the Trustees for the Year Inded 31 October 2024 Legal and admiiiisti'ative infoiination set out on pages l and 2 fornis parl of tliis report. Th¥ fiiiaiicial staleinents have be¢n ppared li) acenrdance with tlie accounliiig policies set out in notc I to tlie accoui)ts and Comply ivith the chai'ity's ArtiLl¢s of Asso¢iition, Ilie Accounting ai)d Repoiting by Charilies.. Siateinciit of Recominended Practice applicable to chai'ities preparing tlieir fiiiaiicial stateineiit5 in a¢cordaiice with the Fiiiancial Reporting Slaiidai'd applicable in die UK aiid R¢publio of Iveland (FRS102) &nd in accoi'dance witli tlie Companies Act 2006. 'rhe consolidated financial statemeiits include the tYan5actions of all compaiiies within the PSPS Group T]i¢se are the Society itself togetl)ei' wiih Waverley Steam Navigation Co. Limited (WSN), Waverley Excursions Liinited (WEL) and Paddle Stcainei. Kiiigswcar Castle Tst (PSKCT). WEL is a wholly owned subsidiary of WSN. Ohjects I'hese Inay be 5ummarised as to preserv¢ in operation paddle 5t¢amers, to educate tho public in their historical significaiice and to preserve and exhibit a collection of equipment and material associated with paddle steamers. Thc Society's principal activities are to assist in the pr¢servation in sailiiig conditioii of the Paddle Steatners Waverley and Kingswcar Castle through its subsidiaries and to maintain a collection of historical material relating to the paddle steainei's. The Society plVIde$ public benefit by making grants to charities to enable them to inaintain their vessels so the public may sail on them. by maintaining a collection of artcfacts a¢¢¢ssible for reseai'ch purposes; by holding public mcctings i'elating lo paddle steamers,. and by publishing current and historical information rclating to paddlc steamers. The trust¢es have paid due regard to Charity Commission guidan¢¢ on public benefit in deciding what activities the Society should undeilake. Business Review ineluding Achievements, Performanee and Future Developments SOCIETY Highlights of the Year Undoubtedly the outstanding ¢vent of the year was the first me¢ting of Waverley and Kingsweai. Castle on th¢ River Dart on 31 August 2024. -1.he sight of both oui. steamers sailing up thc river was wiln¢sbed by huge ¢rowds lining th¢ banks of the Riv¢r Dart, accoinpanied by n]any whistle salutes. It was a remarkable achi¢v¢ment for the Society, bein£ the ships, first meeting 5inc¢ 2012. 2024 was the centenary of Kingswcai. Castle and this was markcd with special flags and an invitation eveiit for 100 guests, who wcre conveyed by a special train from PJignton to Kingswear, haul¢d by another centenarian GWR 5239 Goliath. This was followed by a lunch cruise turning at Stoke Gabriel. Morc infoi'mation about oui. paddlers is given iii the owning companies. reports below. The Society had a g¢n¢rally Toutine yellr but we w¢r¢ fortunate to be able to hold our Annual Genei'al M¢eting in ihe pre51igious surroundings of the National Railway Museum. This was followcd by a presentation by Captain Sir lan McNaught. the final mastei. of Cwiarder Queen Elizabeth 2. Sadly, just after our year-end. the death of one of oui. Patrons, Tiinothy West CBE, Occurd on 12 Novcmber 2024. Along with his wife, Prun¢lla Scales, 'fimothy had been our joint PSPS Pati'on sin¢e 2016. Iii the preceding years. Tim and Pru had helpcd publicise Waverley on many oGLasions. They were frequent passengcrs and, most notably, had chartered h¢r from London Tower Pier to celebrate their Ruby, aiid then Golden, wedding anniveysaries. Supporting Paddle Steamer Waverley Supporting P.S. Wav¢rley to ensure that she can continue to operate r¢ma&ns a top priority of th¢ Socicty. In 2023-24 the Society continued its policy of providing financial support to WSN as the owning charity. Members/ Pag¢ 3
The Paddle Steamer Pr¢servation Society Report of tlie Trustees for the Yeay Ended JI Oetober 2024 Memb¢iE and siipportei's coiitribul¢d £23,517 for the Wavei'ley which WAS passed oli to WSN. In addition, thc Scottish Bi'ai)eh contributed ¢11) additioi)al £31.215, inclLiding a recoi'd £19,71 I fi'om its Grand Di'aw. This Ineaiis that altogetlier t])c Society coiitributcd £54,732 duying the year SuppDrting Paddle Steamer Kingswear Castle S4hppI)Iliiig P.S. Kingsweai. Castle to ensiirc that she cali coi)tinue to opei?l¢ is thc other top pi'iorily of the Socicty. Iii 2023-24 the Society contiilucd its policy of pioviding financial support to PSKCT as tlie owiiing charity. Ii) November 2023 the Society designated £200,000 of its rescrves toward5 fiinding thc Complelioi) of the renovation pi'oject and £50,000 towards repair5 to the ¢oi)denscr. Duriiig 2023-24 membei's and suppoi'lei's contribulcd £6,085 for thc Kingsweai. Castle and these contributions wer¢ passed on to PSKCT. In addition. the Wessex and Dai'l branch Inade a graiit of £1,150 to PSKCT, includiiig the proceeds of fund raising cruises, aiid tl)e London & Hoine Countie8 Bi'aiich gave £2,024 to mark the ship's ceThtenaiy. Other Paddle Steamers Supportiiig Paddle Sieamer Maid of the Loeh The Society also supports financially tlie preservation of P.S. Maid of the Loch, which is owned by Loch Lomond Steamship Compaiiy(LLSC), an independent Scottish charity (SC024062)- LLSC is one of the bodies to whi¢li the Society is allied. having aims related to the preservation of large pleasur¢ steamers, and with which close links 81'e maintained. During 2023-24 the steamer remained on her dedical¢d slipway at klallocli on Loch Lomond. The Inajor woi'k on her hull plating, partly funded by the Society was resumed, while work on i'ebuilding h¢r paddle wheels wa5 paused. awaiting repairs to her spring beam. Supporting Paddle Steamer Medway Queen The Society Inainlains close links with the Medway Quecn Preservation Society (MQPS), which is a working name of Th¢ New Mcdway Steam Packet Company Limited (NMSP). NMSP owns P.S. Mcdway Queen and is an independ¢nl English cliarity (02100358). The steamer is p¢rnianently tnoored at Gillingham and in November 2023 th¢ Socicty made a grai)t of £1 0,200 towardb th¢ Cost of installing onbo'd loileAs suitabl¢ for hei. berth. WSN After a very SUc¢¢ssl season in 2023 sutfi¢i¢nt funds weye in hand to cover a number of improvement and refurbishm¢iit tasks during winter 2023124, in addition to the scheduled sui'vey work for the MCA ai)d i'outine maintenan¢e. significant amount of deck i'encwal was undeitaken witli particular focus on tlie sun deck aft. which received new .£yntheti¢ caulking and aluiniiiium plate to protect the purser's office from leaks. The crew a¥Loininodation received an overhaul including tiew showers. new surfaces and USB powcr points. New flooring was fitted in both deck shelters and the g¢ill¢y. A new ventilation system was instslled in the boiler room. While in dry dock Waverley re¢eived steelwoi'k and beltiiig r¢pairs. Bookings for the new s¢ason were opened in Febrnary and total advanced sales exceeded £1. Im beforc the ship sailed, a substantial increase in comparison to 2023. Highlighis from the 2024 progyamme included first-evei. calls to Ullapool, Seacomb¢ (Wii-ral), Dartmoiith and Fowey. and nutable r¢turns to ports not visit¢d for Inany years, such as Bideford and Plymouth. also Holyhead and Eastbourne. Thc Septcmber Ineet up with Kingswear Castle (celebrating lier ccntenaiy) in and around Darttnouth was very popular. Unfortunately, the only planned sailings from Poitree and Truon were unable to take place due to high winds and port i.4sues respectively. and lully booked sailings from Fisliguard and Folkestone (both unvisited for sometime) were ¢ancelled due to unfavoui'able sea wnditions. The Season concluded with two days, work in the fony) of a privale charter for filin work wheii the steamer played the part of a 1970s ferry to Orkney. Waverley completed 125 days in service and 13 platth¢d sailing days wcre ¢anccllcd, an increase from 2 in 2023. 1 l of the cancelled days wei'e due to te¢linical issues. The forward wiiidlASS caused 7 of these in two sepai'ate incidents, a crack tliat appear¢d in the bed plate then leakage in thc 5t¢am-block of the engine. Probleins with the starboard paddle wheel were tlie cause of four1081 days. Tliese were due to steel brace corrosioii Withinl Page 4
The Paddle Steamer Vrescivation Society Report of the Trustees for Éhc Year Ended 31 October 2024 within the facia. Despite the Cdiicelled days ki)d solne disruptioi) to scliediiled pier calls iii tli¢ Solent arca, Waverley I'ecord¢d a simall iiicrease in passeiiger jouriieys and a 4 /0 iiicrease ii) total revenue to £4.8m. The I'esiilts of an Econoinie Impact Ass¢i8ment ¢oinmibsioiied by WEL was rel¢ased in February 2024. The total Net Ecoi)oinic CoDlributioii gcnei'ated by Wavei'ley to tlie UK ecoi)oniy w#s assessed at £l1.6m iii 2023, lip froin £5.63m in 2015. The li'ustecs wei'e d¢lighted tliat Waverley was uwai'dcd tl)e tiileNalional Flagship of thc Yeai. for 2024 byNational 14istoi.ic Ships. Quite separalcly, Wavei'ley Excursions Liinited was awarded the titlc Glasgow's fiavourite Business in a public vote run by the Glasgow Tiines in Septembei.. The funds available at tlje conclusion of the 2023 seasoii ¢nabled the creation of a designated reserve fui)d to provide a contributioii to major capital ¢Apeiiditiire. This fund was initially set at £400k and was sub5equei)tly incre&sed 10 £650k, aftey the receipt of a gcnerouq legacy in April 2024. A s11'atcgic review carri¢d out by the Tru8tees and Directors in Novcmber 2024 ideiilified a number of objcotives foi. 2025 includiiig the coinpilalion of up~to-date Coi)servalion Plan for Waverley. Duriiig winter 2024125, as well as scheduled suiv¢y and Inaintenance work, new boiler bui'ners will be installed. This work is rLecessaiy because the Inanufaclurer of the system provided witli tl)¢ boilers in 2020 has exited the market aiid will no longer pi'ovide support. The cost of the i'eplaceinent equipment is jusl undei. £300k and is bcing funded without any requireinent for an appeal. Subqtantial deck I'eplaceinent will again take place, the galley fire-shutter is being rep18ced, th¢ cngine room sky light As to be reinoved and refittii)g of Ihree non-public iiiternal spaces is being carricd out. Survey dnd certification work includes the HP section of the main engine, the installation of bilgc al&rms ai)d the filting of lights lo all lile jackets. 'lThere will be stcel work to be addi'essed in dry dock, including both paddle box facias and an area of the 51ern whi¢h sustained minor damage. Plans are well in hand for thc 2025 season to start on I Sth M&y and bookings again opened in Februaiy. The PSPS ai)d WSN trustees are grateful for the hard work of all our employees and voluntcers and for the suppo1% shown by enthusiasts and Ihe public in what was another memorable year. PSKCT Kingswear Castle continues to be run for the trust on long l¢rn] charter to the Dartmouth Steam Railway and Rivei. Boat Company. Due to an overrun of work on the vessel up the slipway at Dartmouth before her, Kingswear Castle was not back in service until July for the slart of her centenary season. There then was a small issue with her condenser, wliich necessitated hei. being out of service for repairs. After ihat, Kingswear Castl¢ ran w¢ll for the rcst of the season up to the end of September, mostly operating one houi. harbour trips iii connection with the steam railway. The Tiust coiitinues to be really pleased with the way in which Kingswear Castle is operated And maintained by DSRRB to a very high standard and by the excell¢n¢ team at Dartmouth. Following the compl¢tion of the first and niost impoilant part of hey IEbuild last y¢ai', coupled with on80ing maintenance and r¢furbishment of the machinery this all sets Kingsweai- Castle up for an operating car¢¢r well into the fibture. Fulld raising trips were in to Stoke Gabriel and to Totnes atld the Trust benefited from a donation of a proportioii of the fare5 from Waverley's evening cruise from Dartmouth. when she visit¢d the port in September. DSRRB put on ai)d financed a special event to celebrat¢ KIngswe. Castle's iooih birthday in Septembei.. This involvcd a trip on th¢ steam train fi'om P&ignton to Kingswear, a cruise on Kingswear Castle and a f¥ee buffet and frcc drinks. all provided gi'alis by DSRRB. Around l 00 guests witl) connections to Kingswear Castle some going back Inore than lialf a century wei'e aboard for a hugely enjoyable day out. The website continues to be a hugely valuable ediicational tool with a vast quantity of background infomation on paddle stsaM¢rs past, present and all around the UK and elsewhere. Therc are regular Pictures of tlic Month features as well as othci. articles about ditTerent paddle stcamers plus news items frotn here in the UK and abroad. There are pi'cscntly Inore than 700 articlcs up ihere including a Frf)St about what wa5 b8ppelling to some paddle sl¢amcr somewhere in the world for evely day of tlie year from I, January through to 3151 Dcc¢inber. Page 5
The Paddle Steamer Preservation Society Reporl the Ti'ustees for the Yexr Ended 31 Octobei, 2024 Arebive Collection The Society lia5 a specialised Archivc Collection of over 59,000 iteins. Th¢ Collection has been accumulaled ovci. th¢ 65 years of the Society'g existcnce and rangcs fiom ship models to ship's furnitui'c, plans and drawings, sailing haiidbills, postcards, picluyeslslides and coiiipany records. To fulfil ils cducational i'ole the Society is workiiig to makc its colle¢tioii more accessible foi. I'esearcli with a nuinbcr Df objects already on loan for display purposes to approprialc museuins. As part of this process, selected items fi'om the collection al'e now displayed on ihc Society's website. A sub-committec of three, including two Couiicil of Management trustees, lias r¢spoiisibility loi. managing the collection. The day-to-day IwnniIig is dealt witli by one trustee. Long aiid shoit term plans liave been created and a five year budgel ha& been approved. Thc Archive Developmeiit Pund (which paitially funds this work) has bencfited from coi)tributions fiom individuals. In addition, the Council of Managem¢nt lias decided to add 50/0 of non-$plfc bequests lo tl)e Fund. The volunteer team continues to ¢atalogue non-a¢cessioned iteins and has focused on spccific collections. By the end of Ihe year ihe totsl of scaniied drawings was neai'ly 600. 900/¢ ofour sailing handbills ¢ollection ha5 also been scanned. A fuith¢i' 1,000 still need s¢annin8. Trustees The Couiicil of Management are the Society's chai'ity tru51ees and dircctors. Tlie Council of Management controls the So¢iety and met online twice and face-tv-face once during thc year. The methods of appointment ai'c as follows.. Method of Appointment Meinbei's of Ihe Society elected by postal ballot of the membersliip One memb¢i' of the Society from each Branch of the Society nomiiiated by die meinber's Branch Committee Onc representative appointed by Waverley Steam Navigation Co Limited One i'epresentative appointed by Paddle Sieainer Kingsweai. Castle Trust Limited One repiysentative appointed by Loch Lomond Steamship Company Membcrs co-opt¢d by Council until next AGM Number 17 Or£Anisatio Tile Society 0rateS both at UK and local level4 through five ar¢a Branche5. The five Branches organisc public m¢etings in winter, assi51 in promoting sailings and carry on fund raising in summer. Members also participated in woi'king partics on P.S. Waverl¢y at Glasgow. The five Bl'anch Committees are giv¢n delegated authority over 20/0 of the subscription incomc attributed to their areas. Society Financial Statements Jnd Membership Th¢ Society financial Statements for lh¢ year to 31 October 2024 show a n¢t income of £360,566. coinpared to a net incoine of £12,197 the year to 31 October 2023. At 31 October 2024 the unreslri¢ted funds of the Society comprised the Genei'al Fund standing at £70,550 (2023 £72,030), the Restoration ai)d Preservation Fund (General division) standing at £675,920 (2023 £580,819), the Restoration and PreSeallOn Fund (P.S. Kingswear Castle division) standing at £258,036 (2023 - £nil) and part of the Arohivc Development Fund standing at £60.000 (2023 - £60,000). Page 6
Th¢ Pa(Idle Steamer Preservation Society Report of the Ti'ui•lees for the Year Elided 31 Oetober 2024 Th¢ I'e5tri¢ted funds wmpi'iscd tl)e Restoi-ation aiid Pi'Ls¢rvation Fund (Gciieral division) at £5,655 (2023 £1,839), the Restoratioii and Pi'eservation Fund (P.S. Kingswcar Castle division) standiiig at £7,967 {2023 - £7,967) aiid pail of the Arcliive D¢velopin¢nt Fiind standii)g at £770 (2023 £716}. Full details of fuiid balai)ces and illoveineiits are given iii the Notes lo tlie Finaiicial Stal¢inents. lil allocating expenditui'e from fui)d5, tl)e Society's policy is to use applicable I'estricted funds befoi'e unresti'icted fuiids. Tl)is has resulted in low balaDces of the I'estricted funds but does ensure that i'esourees are 115ed pi'omptly to fi)Ifil donors, wishcs. The Society is foitunate to benefit froin soinetimes very subslaiitial bequests fioin its members and suppoi'lei's and ii) 2024 £339,826 was received (2023 - £296,627). Group Financial Statements Foi. the year ¢iided 31 October 2024 the group had a net surplus of £939,154 (2023 - £1.004,618). Voluntary Workforce The Society has no paid employees, so ils a¢hievements reflect Inembers. voluntary efforts. These cover a wide range of 5ki115 and are essential to the continued successful operation of the Society. The Council of Management gratefully acknuwledgcs all contributions grcat and small. Reserves Policy The Society has foul. main reason5 to hold reseNes'. To maintain ihe operation of the Society. The Council of Mai)agein¢nt has set this sum at £50,000. To continue the preservation and devclopment of ils Archive Colleetion. The Coun¢il of Managetllcnt lias designat¢d £60,000 lor this activity, being a part of the Archive Developmcnt Fund. To provide for the refit or repair of P.S. Wavcrley should WSN not have funds to do so. The Couiicil of Management believes this reserve should be at Icast £600,000. £555,147 was available At 31 Oetobcr 2024. To providc for futUlE wo8 to P.S. Kingswear Castle. At 31 October 2024 £266.003 was available. iv. Investment Policy In accordance with the Articles of Association the Iruste¢s havc th¢ power to invest monies of the Society not immediately Yequired for its purpose in such investments and securities as th¢y see fit. Statement on Risk The tYu8tees havc produced a Risk Rcgister settiiig out thc risks to wliich tlLe Society is cxposed aiid appi'opriate risk management 51rategies. Progress is monitored agaii)sl tlie Risk Register on a rcgular basi5 and a comprehensive review is catyied out on an annual basis. Fundr&ising The Society has not adopted a fonnal fi)ndr&ising policy. However. its fundi'aising ¢fforts, which al'e all volunleer-led. are largely directed tow&rds its Inembers. The only exccption lias been the promotion of special cruis¢s on Waverley and Kingsweai. Castle and selling lottery tickets to Waverley passengers. N¢w members are reeruited by us¢ of leaflets, through the Society's website &nd social m¢dia channels. The Society organised a successful fwid-raising chaiter on 31 July whei) Waveyley gave an evening Cruise to Loch Long and LoLlI Goil whicl) netted £10,734. On the river Dait, Kingswear Castle gave a ci'uise towai'ds Stoke G&briel on 3 August and a retui'n Dartmouth to Totnes s&iling on 15 Septcmber. A major differenL¢ was diat in 2024 on-line booking was available with those receipts going directly to PSKCT. Neverthele5S the Society mad¢ a surplus of £707. The other major fund-raising effort for Waverlcy was the Gnind Di'aw. which attracted ticket salcs of £19,71 l. The whole amount has becn paid to WSN, which donal¢d 4 of the prizes. The remainder of the prizes and the expenses were funded by t]ie Scottish Branch. Page 7
The Paddl¢ Steainer Preservati(In SoLiety Report of thc Ti'ustees ror the Yeay Ended 31 Octobey 2024 Membci'ship The Society's membcrship stood af 2,457 on 31 October 2024 (31 October 2023 - 2,429) made up as shown-. Londoii aiid Iloine Couiities North ol England and Noitl Wales Bristol Cliaiinel Wessex aiid Dait Scottish Full 133 229 116 407 118 1,003 Scnior 117 197 46 226 98 684 Associate 71 119 41 171 66 468 Youiig Persoi)s 13 23 Life 39 90 19 66 38 252 Honoi'aiy Total 16 27 369 641 224 899 324 2,457 Thcrc was a slight net increase of 28 members during the yeai., a ris¢ of 1.2/•. Public Meetings 23 public meetings about paddle steainer subjects w¢re held at 10 locatl0115 around th¢ wuntry dui'ing 2023-24. These are organised by the Society's five branches in easily a¢ce5sible location5. In parallel, we continued our programm¢ of online events f¢aluring Kingswear Castle and Maid of the Loch. Thc threc pirsentations are availabl¢ on the PSPS Scottish Branch channel on You Tubc and altogethei. have been viewed over 2.200 times. Communirotion The Society ¢ommunicates to ils members by publishing a guarterly Journal Paddle Wheels. This is a full colour A4 fomiat magazine edited by John Allen. The society also coinmunicat¢s with non-membcrs througl) its website addlesteatllcrs.or its sociAI media accounts and its You Tube Channel. All of these continued to b¢ updatcd vegularly with news about our ships and feature arli¥l¢s aThd postings of wider paddl¢ £teamer iiiterest. STATEMENT OF TRIJSTEES RESPONSIBILrriES The trustegs (who arc also the dii'ectors of Th¢ Paddle Steamei. Preservatioii Society for the purposes of ¢oinpany law) al'e responsible for preparing the Repoit of the Trustees and th¢ financial statements in accordaiice with applicable law and United Kingdoiii Accounting Standards (United Kingdom Genei'ally AG¢epted Accoiinting Pi'actice), including Finan¢ial Repoiting Standard 102 "The Financial Reporting Siandard applicable in the UK and Republic of Ireland" Company law Irquires the trustees to prepare financial statements for ea¢h financial year which give a true and fail. view of the state of affairs of the charitable ¢ompally aiid of the incoming i'¢sourccs and application of resoui'ces, including Ihe in¢ome and expenditure. of the charitablc company for that period. In preparing those financi&l .qtatetnents. the tr115tees al'e rcquired to s¢lect 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 prudenl. state ivheth¢r applicable accounting standards have been followed. subject to any material departures disclosed aiid cxplained iii tlie financial stral¢ments; pi'epare the financial statemcnts on the going concern basis unless it is inappropriate to presume tliatthe chai'ilable Company will continue in business. Pag¢ 8
The Paddle Steamei. Preseiwation Socicty Report of the Trustees foi. the YearEnded 31 October2024 'l-lic trLisle¢s al'e respoiisible foi. kccping propel. accoiiilting records which disclose witli reasonable &CCLlI?cy al any lime thc fiiiaiieEal positioii of the cli¢irildble coinpany and to enable tliem to ensui'e that the fiiiaiicial %lk)teinei)ts ¢oinply with the Companies Act 2006. They aiE also respoiisible for safeguardii)Li the assets cil the cl)ai'itablc Lompaiiy aiid hence for taking reasonable steps for tlie pi'eventioii ai)d deteclioi) of fraud aiid oil)ei' iri'egulai'ities. In so fai. as the ti'ustees aware.. tliere is no i'elevaiit audii iiiformation of which the charitable coillpany's auditoi's arc Iiiiaware. and Ilie trustees havc takei) all steps that tliey ought to have taken lo Inakc themselves awai'e of any I'elevant audit infui'inalion and to establish that the auditors al'e awar¢ of that infoYm&tion. AUDXTORS The audiloi's, Henderson & Company. will bc proposed foi. re-appoinlmcnt at the foithcoiming Anniial Genei'al Mccting. Rcpoit of the trustees, incorporating a sts'ategic report, appi'ov¢d by ordei. of thc board of triistees, as tlic cotnpany diiE¢tor4 on 28th June 2025 and signed on the board's behalf by: Peter Moi'lcy Company Seci'etai'y and Trust¢¢ Page 9
Report of fhL Iii(lepeDdent Audit()rb lo the Triistees Itnil Mcinbers of The P#ildle Steamer Preseivation Suciety Opinion We liave audited the finki)cial stateinciits of The Paddle Steamcr Pi'esei'vatioii Society (Ilie'cliai'itable coiiipany,) for tli¢ ycai. ei)ded 31 O¢lober 2024 which comprise tlie group and pa]tnt chai'itable coinpany Staten]¢nt of Fiiiaii¢ial Activities (incoi'poratiiig Ilie iiicoine and expeiidilure account), the gjoup aiid pai'enl ¢haritable company Statcinci)t Df Fiiiaii¢ial Position, tIIc Liroiip Statement of Cash Flows and Iiotes to Ilic finaiicial statements, including a suininary of sigiiificai)t accouiiting policies. Tlic finaiicial i-eporting fraincwoi'k that has been applied in their pi'epai-atioi) is applicable law aiid United Kiiigdoin Accoiinting Standards {United Kingdom Geiiei'ally Aepted Aecountiiig Practice). Iii our opinioi) Ihc finai)eial statements.. give a ti'uc aiid fair view of ihe state of the group and parent ¢hai'itable Company'5 affairs as at 31 Octobci. 2024 and of tl)e group aiid parei)l charitable eoInpany's incoiiiiiig iesources and application ot rcsoui'ces, incliiding the gi'oup and parent chai'itable company's income and ¢xpendilure, foi. the year thei) ended. have beeii properly prepared in accordance witli Ilnited Kingdoin Geiierally Acccpt¢d Accounting Practice. and have bccn prcpar¢d in accordance wilh lh¢ requir¢ments of thc Companics Act 2006, the ChariliL5 Act 201 I, the Cl)ai'ities aiid Trustee Investment (S¢ot18nd) Act 2005 and gulatIon 8 of the Charitics Accounts (Scoiland) Regulutiolls 2006. Basis for Opinion We condu¢l¢d oui. audit in accordance with Intci'national Standards 01) Auditing (UK) (ISAS (UK)) and applicable law. Our i.espon.qibilities uiider those staiidards are further desci'ibcd in tlie Auditars I'esponsibilities for the audit of the finan¢ial stalements section of our i'epoit. We are indcpend¢nt of the group and p21.ent charitable compaiiy in accoi'dance with th¢ ethical requirements that al'e relevant to our audit of the financi21.stateinenls inthe UK, including tl)e fRC's Ethical Standard, and we have fulfilled our othcr ethical re5punsibilities in aceordancc with thcsc requireinents. We beli¢ve that tl)¢ audil evidencc we havc obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to Golng Concern In auditing th¢ financial statements, wc have concluded ihat the directors, Us¢ of thc going conc¢rn basis of aOUntIng in the preparatioii of thc financial statements is appi'opriate. Based on the work we hav¢ perfomied, we have not identified any material uncertaillties relating to ¢vents or conditions that. individually or collectively> may cast significant doubt on the charitable coinpany'5 ability to Continue as a going concen) for a period of at least twelve moiiths from when th¢ financial statement5 are authoris¢d for issue. Our I'esponsibililies and the responsibilities of the directors with respect to going concern are described in the relevant sectioi)s of this I'epoit. Other lllformation The trustees al'e r¢.qpnnsible for the othei. inlorination. The other inforination comprises the infoi'matioii included in th annual report. other tl)Hn the financial statcmcnls and oui. Repoit of the Independent Auditors thcrcon. Our opinion on the financial statements does not cover the other infonnation aiid we do not express any fonn of assurance conclusion thei'eon. In ¢onnection with our audit of the financial slatements. our responsibility is to read the othei. inforination and, in doing so, consider wh¢ilier the other inforn)ation is materi?( Ily in¢onsistent willi the financial 51at¢mcnts or our knowledge obthined in tELC audit or otherwise appears to b¢ materially misstai¢d. If, bascd on the woi'k we have perfoi'med, we con¢lude that there is a material misstatement of this oth¢r information, we are rcquired to report that fact. We have nothing to report in this regard. Opillionl Page 10
Report of tbe Indopeiident Auditoi's to the Trustees An(1 Members of The Paddle Steamer Preservation Sveiety OpiiiioD on Other Matters Pre5¢rllbed by the CompAnies Aet 2006 In our opinion, based on tlie woi'k undeitaken in the course of the audit.. the iiifornialioi) given iii the Report of the Tyustces for the financial ycar for wliich the finaiieial statem¢nls are prepared is consistent witl) the financial statements. ai)d Ilie Report of the T]Ste¢S has been pi'¢pared in accordance with applicable legal rcquiirmeiils. Matters on Which We are Required to Report by Exeeption In the light of tl)e knowledge and ui)dei'standing of Ilie gioup and par¢iit cliai'ilable coiiipany and its environ]n¢i)t obtained in the coursc of *lie audit, we have not idei)tified mat¢rial misstatements iii tlie Repoit of Ihe TrLiStees. We have noihing to r¢port in i'espect of the following mattcr5 wliei'e the Companic5 Act 2006 and the Charities Accouiits (Scotland} Regulations 2006 (as amended) Irquii'es us to report lo you if, in our opinion- the pai'ent chai'ilable coinpany h&q not kept pi'oper and adequatc a¢oounting recoi'ds or I'etums adcquate for oui. audit have iiot b¢en IEceived from branches not visit¢d by us. or the paYei)t cliaritable cojnpany ftnancial stat¢ments are not in agrcement with ih¢ accounting records and rctuims. or certain disclosures of tru5t¢¢s' remuneration specified by law are not n]ade' or we have not reeeived all th¢ inforniation and explanations we reqlre for our audit. Respojkslbllirties of Trustees As explaincd more fully in the Statement ofTn]stees R#sponsibilities. the ts'ustces (who are also the dire¢tors ofthe charitabl¢ company for the purposes of compaiiy law) aiE responsible foi. the prepai'ation of tlic financial .gt&temenls and for beiiig satisfied that th¢y give a tw¢ and fair view, and for such internal control as the trustee5 d¢t¢rininc is necessary to ¢iiable the preparation of financial s¢at¢m¢nts that air free frotn maleKial misstatetllent, whether due to traud or error. In preparing the financial statement5, th¢ trustees atr responsible for asscssing Éhc charitable company's ability to continue as a goii)g conceni, disclosing, As applicable, matters related to going concern and using the going concci'n basis of accounting unless t]i¢ trnstees ¢ither intend to liquidate the charitable coinpany or to cease operations, oi. liave no realistic aliernalive but to do so. Our RponSIbIlitieS for thc Audit of the Financial Statements Wc have been appointed auditor under section 44(1)(c) of thc Charities and Tiustee Investment (Scotland} Act 2005 and undcr the Con]pani¢s Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Oui. objectkvcs are to obiain reasonable assurancc about wheth¢r the financial statements as a whole are free from mat¢rial mis5talemerkt. whether due to fraud or error, and to issue a Report of the Independent Auditors that itLcludes our opinion. Reasonable assui'ance is a high level of assurance, but is not a guarantee that ali audil ¢onduct¢d in accordance with ISAS (UK) will always dctcct a material misstatement when it exists. Misstatemcnts can arise from fi'aud or error and are considered matcrial if, individually or in the aggrc8ate. they wuld reasonably be expected to influence the cconomic decisions of users takeTh on the basis of these financial statements. Irregularitics, including fraud, arc instances of non-complian¢¢ with laws and irgulations. We design pi'ocedur¢s in line with our responsibilities outlined above, to detcct matcriaS misstatemenls in iespe¢t of irregu].]1L¢$, including fraud as detailed below. We considcrcd the opportunities and incenlives that may exist within the organisation for fraud. We reviewed all unusual journal entries and assessed whethcr judgements and assumptivns Inade in detenllining accounting estimates wei'e indicative of potential bias. We I'evi¢wed the financi81 statem¢nt disclosures and tested balances to supporting documentation. We assessed the extent of compliance with laws and regulations identified througli making enquii'ies of mai)agement and inspccting legal ¢on'espondence. Thei'el Page 11
Ileport of the Iiidei)eiident Aiiditi)rq to Ihc Trustees aiid Members ot. The Paddle Sieanier Preservatioii Society Thri'¢ are inhcrent lii))itatioiis iii our audit procedures dcs¢i'ibed abov¢. Tlie mol'e removed the laws and regulations al'e from finaiicial ti'ai)sacÉions, thc Icss likely it is that we would become awai'e of110l1-compliai)ce. Auditiiig slai)dards also limit tlie audil pi'occduyes i'equii'ed to ideiitify iioii-eoinplian¢e with laws And I'egulalioiis to eiiqiiiry of the dii'ectOl'5 and other mai)ageincnt and inspection of r¢gulatoiy and legal Correspondence if any. A fiirthei. desci'iption of our responsibilitics for the audit of tlie finaiicial %latein¢nts is located on Ili¢ Fii)aiicial Repoiting Council's wcbsite at www.frr.oig.uklauditorsrespoiisibilities. This desci'iplion fonns part of our Repoi'l of tlic Independent Auditors. Use of Our Report This rcpoil iq made sol¢ly to tlie parent charitablc company's mcmbers, as a body, in accoi'dance will) Chapt¢i' 3 of Part 16 of thc Loinpanies Act 2006, and to the charitable comp8lly'5 1i.ubl¢es, as a body, in ac¢ordancc with Sectioi) 44(1)(c) uf Ilie Chai'ities and Truste¢ Investinent (Scotland) Act 2005 and regulAtion l O of ilie Chai'ilies Accounts (Scotland) Rcgulations 2006. Oui. audit i%'oi'k has been undeilaken so that we iniglit state to the ¢hai'itable ¢ompany's members and trustces those niatt¢rs we al'c requii'ed to State to them in an auditors, i'epoit and for no othcr purpose. To tlie fullesl ext¢nt pcrinitted by law, w¢ do not accept or as5uine responsibility to anyone other thali the parent chai'itable company and the parent chai'itable company's meinbei's and pai'¢nt cliaritable company's truslees as a body, for our audit work, for this repoit, or for Ilir opinions we l)ave foi'med. Jolin Flenderson (Senior Statutory Auditor) for and on belialf of Hendcrson & Company, Statutory Auditor Eligible to act as an auditor in temis of Scction 1212 of th¢ Companies Act 2006 73 Union Street Gr¢enock Renfrewsliirc PA16 8BG I st July 2025 Page 12
The Paddle Steamei. Pi'escrvatiom Society Parent Coinpany Statement of Fiiiaiicial Activitie% (Incorporating an Income and Expenditure Account) for tlie Year Ei nded 31 October 2024 31.10.24 Total funds 31.10.23 Tolal fUd.$ unStrICted fund Restricted fuiid Noles INCOME Donation5 und legacies 402,444 32,572 435,016 426,89J Charit2ble xetivitie5 Charilable activities 18,905 18,905 21.303 Trading activities 21,945 21,945 18,332 Investment income 900 23.690 13. 787 TotAI In¢ome 466,084 33,472 499.556 480,313 EXPENDITURf, ON Ti'ading activities (12.391) (12,391) (12.110) Charitable activiti Charitable activities (91,386) (29.602) (120,988) (447,013) Other costs 7,650) Total Expelldifure (111,427) (29,602) (141,029) (467,859) Net gainsl(losses) on investments 2,039 2,039 Q57) NET INCOMEI(EXPENDITURE) 356,696 3,870 360,566 12,197 RECONCILIATION OF FUNDS Tot*1 funds brought fOard 841.128 10.522 851,650 839,453 TOTAL FUNDS CARRIED FORWARD 1 197,824 14,392 1212,216 851.650 All gains and losses recognised in the year are included above and all are dei-ived from ¢ontinuing activities. The notes foiin part of these financial statements Page 13
The Paddle Steamer Pi-e&ervatlflJl Society ConsolÉdated Statement ofFinancial Activitie5 (Ineorporating an Income and Expcndi¢uYe Aceomnt) for the Yeai. nded 31 October 2024 31.10.24 Total fiinds 31.10.23 Tolftl fundts Unr¢sti'ictcd fund Resli'icled fund Notcs INCOME Donati0115 and legacies 1,167,496 16,97X 1,184,474 995, 664 Charliable aetivitiey Charitable activities 3,515.935 3,515,935 3.291,586 Trading activities 1,246,260 1,246,260 1.217, 916 Inv¢stmerLt Income 88,802 16,424 105.226 48.509 Total Income 6,0 5 8,493 33,402 6,051,895 5,553,675 EXPENDITURE ON Ti'ading activities (828,103) (828,103) (744,600) CharitAble aetivities Charitable activities (3,487,376) (260,827) (3,748,203) (3,262,521) Govei'nance Costs (13,550) (13.550) (13,465) Manag¢m¢nt and administration 524.924) 524 924 528,214 Total fi xpenditure 4,853.953 260,827) 5,114,780) (4.548,800 Net gainsloosses) on investments 2.039 2.039 (257) NET INCOMEI(EXPENDITURE) 1.166,579 (227.425) 939,154 I, Q04, 618 RECONCILIATION OF FUNDS Total funds brought forward 3,226.358 2,648,210 5,874.568 4.8t59,950 TOTAL FUNDS CARRIED FORWARD 4,392 937 2 420,785 6,813 722 5,874,568 All gains and losses recognised ill th¢ year are included above and all are derived from continuing activities. The notes form part of these finan¢ial statements Page l4
Tlie Pa(Idle Steamet- Preseivalion Society (Regi¥lei'eil Nuinber .' 02167853) P¥reMI Coiiiijany Statement of Financial Positioih At 31 Oetobei. 2024 31.10.24 31.10.23 Notes rilXED ASSEI TS Hei'ilage ass¢ls Pvogi'ainme I'elaled investm¢nls Oihei. itivestnients 12 14 15 139,941 118,385 20,291 136, 714 lJ8,385 18,252 278.617 273,351 CURRENT ASSETS Debtors Cash at bank 17 396,697 717,045 t58,850 704.5194 1.1 13,742 773,844 CREI DrroRS Amounts falling due withÈn oiie year 18 37 449) 44,239 NET CURRENT ASSEI TS 1,076 293 729.605 TOTAL ASSETS LESS CURRENT LIABILITIES 1,354,910 J,002,956 CREDITORS Amounts falling due after more than one yeai. Provision for grant liabilities Provision for doubtful debts 19 20 (9,856) (15,637) 117,201) (10,234) 3,871) 117,20] NET AETs 1,212216 851,650 CAPITAL AND SERVES Restricted funds Gencral funds Re5luralion and preservation fund Ai'ehive dcvelopment fund Revaluation res¢rve Museum collection reserve 22 22 22 22 22 22 14,392 70.550 933.956 60.000 19,767 113,551 JO,522 72,030 580,819 60,000 J7,728 110,551 1212,216 851,650 The fin&ncial statements were approved by the Board of Trustees on 28th June 2025 and were sigiied on it5 behaifby.. Maitin Longhurst Trustee The lloles form part of tliese financial statements Page 15
Tlie P*ddle SteaiiiLr PrebeiTalioi) Society (Re%istei'eil NuMl>er . 02167853) Consolid#ted StAtemeiit of Finaiicial Positio At 31 Octobei. 2024 31.10.24 31. J(?.23 Notes FIXEI D ASSETS Hei'itagc assets 'raiigible asgels Programm¢ I'elated iiivcstinenls Oihei. iiivestinents 12 13 14 15 139,941 3,022,663 1,078 20,291 J36, 714 3.289,638 J, Q78 18,252 3,183,973 3.445, 682 CURREI NT Assfi TS Stocks Debtoi's Cash at bank 16 17 75,687 560,465 3,72.5,059 49,755 141,095 2,836,J86 4,361,211 3,027,036 CREDITORS Amounts falling due witliin one year 18 721606) 587,916 NET CURRENT ASSETS 3 639.605 2.439 J20 TOTAL ASSETS LESS CURRENT LIABILITIES 6.823.578 5.884.802 CRfi DITORS Ainounts falling due after more than one year 19 10,234 NET ASSETS 6,813 722 5,874,568 CAPITAL AND RESERVES Resli'ictcd funds Genei'al funds Reslorativn and preservation fuiid 'cl)ive development fund Revaluation i'eserve Miiscum ¢ollectioii rc5erve Other reserves 22 22 22 22 22 22 22 2.420.785 2,833.998 933.956 60.000 19,767 113,551 431665 2,648,210 2,025,595 580,819 00.000 J7,728 JJO,551 431,665 6,813,722 5.874,568 The financial statements wei'e approved by thc Board of Trustecs on 28tli June 2025 and wei'e signed on its beli&lf by: Martin Longhurst Trustee The notes foim part of these financial statements Page 16
The Paddle Steamci. Preservation Soeicty Consolidated Stftlement of Cash Flows for the Year Ended 31 October 2024 31.10.24 3J.10.23 Notes Cash flows from operatin% Activities: Cash genei'atcd Iioin opLrulioi)s 783 874 955, 602 Net Cash provided by {u5ed in) operating
ctivities
783,874 955,602 Cash flows frDm investing activities: Purchase of liiritage assets Pui'chase of fix¢d asset5 Intcresl reccived (227) (3.342) (J72,386) 48,509 105,226 et cash provided by (used in) liivesting activilies 104999 127,219 C.hangc ID cash alld cash equivalents ID the Yeporting period Cash aiid Lash equivalents at the beginnijbg of the reporting period 888,873 828, 383 2 836 186 2.007,803 Ch And cash equiv*lents al the end the reporting period 3 725,059 2,836.186 The notes forni part of these financial statetnents Pag¢ 17
The P#d(Ile Steamer PreservatÉiin So¢lely Notes to the Consolidated Statement of Cash Flows for the Year Ended 31 October 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.10,24 31.10.23 Net iii¢omel{expellditure) for the i'¢porting period (as per the slatement of fjnancial activities) Adjustments for: Dcpreciatioii ¢harges Doiiated liei'itage asset (GainyLos5 on inv¢stments Interest rccciv¢d liicrease in stocks {Increas¢)IDecreas¢ in debtors IncreascI(Decrease) in creditors 939,1 $4 1,004, 618 266.975 (3,000) (2,039) {105,226) (25,932) (419,370) 133312 267,733 (I, 000) 257 (48,509) (8,980) 11,392 269,909 Net casb provided by (used in) operjting activities 783 874 955, 602 ANALYSIS OF CHANGES IN NET FUNDS At 31.10.23 CH5h flow At 31.10.24 Net cash Cash at bank 2,836 186 888.873 3 725,059 Page 18
Tlie P#d(Ile Steam¥r Pi'eseivation SoLiety Notes to tlie fiillAncial Statements for the Ye*r Ended 31 Oetober 2024 AccouwfiNG POLICIES B&sis of preparing the financial statements The finaiicial staleinents of tlic chai'itable company, which 15 ll public beiiefit entity iiiidcr FRS 102, liave been prcpai'¢d iii a¢cordanc¢ with tlie Ch'It]eS SORP (FRS 102) 'Accoui)ling aiid Reporting by Charili¢s'. Statemei)t of Recoiniiieiided Pi'aclicc applicabl¢ to cliayities pirparing tlieir accounts iii accordance witli the Finaiicial Repoitiiig Standai'd applicable in th# UK aiid Republic of lirland (FRS 102), Fii)aiicial R¢poitiiig Staiidard 102 'The financial Reportiiig Standard applicable in the UK and Republic of Ireland, and the Compai)ies Act 2006. Thesc financial 5tatemei)ts are preseiited in pounds sterling (GBP) as that is tl)e Curi'ency in whi¢h the company's traiis8Ctions 'e denoininatcd. The aL¥ounts1)ave beeii pi'eparcd Dii a going coiiL¢rn basis under tlic l)istorical ¢ost convention Ivlth the exccption of investinent5 whtch are included at market value. Loans to Waverlcy Stcain Navigation Company ai'c shown at tl)eii' full value within Total Asscts of the Parent Company altliough a full doubtful debt provision has been tnade and included in Liabilities, i'eflecting the fair value of the loans. The Stand'd$ require loans lo b¢ shown at their fair value m¢8ning neithei. balance would b¢ disclos¢d. Basis of consolidxtion The financial slalemeiit5 consolidat¢ the I'esLIIts of the cliaritablc company and its subsidiaries on a linc by line basis. Inler¢ompai)y ti'aiisa¢tions and balances betwe¢n gi'rtrup companies air eliminated in full. Figures labelled as Parent Company or Society include transactions of thc Socicty alone. The gTOUP comprises tlie Paddle stene1. Preservatioii Society, Paddle Steamer Kingswear Castle'frust, Waverlcy Steam Navigation Co Limited and Waverley Excui'sions Limitcd. Going concern The a¢coui)ts have been prepared on a going wncern basis as the trustees are of the opinion that the '0up and charity can continue to ineet its obligalions as they fall due lor tlie foreseeable future. The group has a sli'ong cash position at 31 October 2024 as shown on the Slateinent of Financial Position. Income All income is recognised in the Statement of Financial Activities once the charity has entitleincnt to the funds, it is probable that the illCOiMe will be received and the am0451)t can be measured r¢liably. Expendi¢ure Liabilitics are i'ecagni5ed as expenditur¢ as soon as there 15 a legal OY constructive obligation coinmitting the charity lo that expenditure. it is pi-abable that a Iransfcr of economic benefits will be required in settlement and the amount of the obli¥alion can be measured reliably. Expenditure is aecount¢d for nn an ac¢ru815 busis and has b¢¢n classified under headings that aggregate all costs relatcd to the ¢ategory. Where costs ¢annot be dii'ectly attributed to particular headings thcy have been allo¥ated to activities on a basis consistent with the use of resoui'ces. Alloeation and apportionment of costs Costs of raising funds comprise the costs of commercial trading oil board P.S. Waverley. in¢ludiiig m¢rcliandisingy the dining and catering fa¢ilities, bar and their associated support costs. Expenditure on charitable activities inc5udes th¢ costs of operating and preserving PS. Waverley, P.S. Kingswcar Castle and activities undertaken to further the p45rposcs of the charities &nd their associated support costs. Support cost5 are those functions that assist Ihe work of the charity bul do not directly undertak¢ charitable activities. Support Costs include office Costs, financey personnel, payroll govcmance costs which 5UPPOlt the charitlcs, activities relatioTh to P.S. Waverley. Heritage assets The Collection was revaliied at l January 2020 and is subject to an annual impa11ent review. Donated items are recognised at their c%tiiiiated fair valu¢. Page 19
The Paddle Ste&mei' Pi'eservatiou Society Notes to the Finaneial Si#temellts - continued for the Year Ended 31 October 2024 ACCOUNTING POLlCtES- eomtiniied Tangible fixed a¥selb Depreciatioi) is provided at tl)e following ai)nual rates ii) ord¢r to write off each asset ovcr its estimated iiscfLII life. Plaiit Eqiiipinent foi. Ve55els 50/1 -1 0% straiglil liiie P.S. Waverley 4/0 Straight linc P.S. Kingswear Castle i'efit costs 4Tr/0 sli'aight line Investments Pi.0.mme relatcd investmcnts are included at tlieii. noininal value or histOl'iC81 cost less iinpainnent. Investtnents held to generate income or for their investmeTht potential are valued al fair value. Gaiiis and Ii)8ses are recognised in the y&v they arise. Unrealised gains oi. losses ale added lo or deducted from thc Fund to whicli tho investment relates and the lolal is shown in a Revaluation Reserve. Stocks Stacks al'e valued at th¢ lowcr of cost aiid net realisabl¢ value, after making duc allowanee for obsolete and slow Inoving itcms. Taxation Tlie chai'ity is exempt from ¢orpoKation tax on ils charitable activities. Fund accountlng Unrestricted funds can be used in a¢¢ordance with th¢ chai'itable objectives at the discretion of tlie ti'ustecs. Rcstricted funds can only be used for particular restricted purposes within the objects of the chai'ity. Restrictions arise when 5p¢cified by the donoi. or wh¢n funds are raised for particular restricted purposes. Furthcr ¢xplanation of the nature and puipose of each fund is included in the notes to th¢ financial statements. Annual membership subscriptions As tlie subscription year ruiis from August to July foi. the bulk of members, this in¢oine is ap]x)rtioned between the appropria* financial years. Life membership equali5ation account Life membership subscriptions are credited to this account upoi) r¢ipt and are Iheii recogni5¢d as income in equal inslalments over 20 years. Grants Liabilities arising fiDm grant commitments made by the Society ar¢ recogni5ed by creating a provision pcnding the fulfilment of conditions at which point th¢ obligation becomes binding. Pen$ion costs other post-retirejnettt benefits The group operates a defined oontribution pension schemc. Contributions payable to the group's pension scheine are chaiEed to expenditure in ihe period to which Ih¢y relate. DebtOJ'S Trade and other debtors are recognised at the settlement amount due after any discounts offered. Cash at Bank and in Hand c.ash at bank and cash in hand includes cash and shvrt terin highly liquid investments with a short maturity of three months or less from the date of aequisition or op¢i)iiig of the d¢posit or similar account. Page 20
Tl)¢, Pxddle SteAmeY Preservation Society Notes to the Financial Statements - continued for the Year Ended 31 Iktober 2024 ACCOUNTING POLICIES- ¢ontinued Creditoys Cr¢ditoi's are I'ecognised wl)ei'e the Cliarity has a pi'esent obli8ation I'esiiliing fi'oin a pasl event that will i'esuli in th¢ Iraiisfer of funds lo a third party aiid the ainount du¢ to settle the obligation cai) be measur¢d oi. e.8tiinaled reliably. Creditoi's al'e r¢¢ogiiiscd at theii. settlement amounl aftcr allowing foi. aiiy di5eOUllts. Financial Instruments The cl)ai'it51 only has financial a55ets and fiiiancial liabilities of a kind ihat qU21ify as basic fii)anci21 instriiinents. Basic finaiicial insti'unients are initially recogiiised at transaction valuc ai)d subsequently Ineasured al theii. settlcinent value with the cxception of loans whicl) are subsequently tneasiii'cd at ainoilis¢d cost using ihe effcclive interest m¢thod. Signifieant Judgments and Estim#tes In th¢ application of the Company's accounting policies, the trustees are required to make judgement5, ¢Stimates and assumptions about the ¢arryiThg values of a55¢ts and liabilities that are Iiot readily apparent from other sources. The estiinat¢s and underlying assumptions are based on historical Cxperience and othei. factors that are considered to be relevant. Actual results may differ froiyj these estimates. The estimates and undei'lying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in th¢ period in which the estimate 15 rcvised if the i'evision art¢¢ts both cui'rent and future rIods. The trustees are salisfi¢d that the accounting polici¢s are appropriate and applied consisÉently. Critical judgements al'e made in the application of income i'ecognilion accounting poli¢ies, and the timing of the recognition incoine in accordance with the Charities SORP (FRS 102)- DONATIONS AND LEGACIES Group 31.10.24 Total 31.10.23 Toial Utu'¢slricted R¢stricÉed Membership subriptions Donations Legacles 45,675 273,438 848,383 45.675 289,896 848,903 44,496 579,038 372,130 16,458 520 1 167496 1,184,474 995,664 So¢iety 31.10.24 Total 3J.10.23 Tolal Unrcstricted Restricted Membership subscriptions Don8ti011s Legacies 45,67S 17,463 339.306 45,675 49,515 339,826 44,496 85, 768 296,627 32.052 520 402,444 435,016 426,891 Page 21
'I'lie Paddle Steamcr PreservalSon Societs, Notes to the FinAiieial Statements- continued for the Year Ended 31 OcÉober 2024 TRADING ACTIVITIES Grollp 31.10.24 31.JO.23 Lottery sales Othci. IradÈng activities Shop sal¢s Bar and catersng revenue 19,711 2,234 283,308 941007 15,435 2,897 267, 71 931,866 1,246,260 1.217,916 Soeiety 31.10.24 31. 10.23 Lottery sales Oth¢r trading activities 19,711 15,435 2,897 18,332 INCOME FROM CHARITABLE ACTIVITIES Gruup 31.10.24 31.10.23 Sailing revenue Charter I,ee Other Income 3,466,569 26,611 22,755 3,257,48Q J2, 794 2J,3O3 3,515,935 3,291.586 Society 31.10.24 31.JO.23 Oth¢r income 18.905 21,303 TRADING ACTIVITIES Group 31.10.24 31. JO.23 PuTchas¢s Staff co8t Other costs 424,032 278,501 125 570 405,32 224,860 114,4Jl 828 103 744,600 Society 31.10.24 31. 10.23 Other ¢osts 12,110 Page 22
The Pa(Idle St¢amer Preseiwatloi) Society NoÉes to the Financial Statements - eontinued for the Year Ended 31 October 2024 CHARITAIILE ACTIVITIES COSTS C7roup- ycar ended 31 Octobey 2024 Dir¢cl costs Suppoi'l costs (See nolc 7) Totals Staff costs Ship irpaii. and operating costs Deprcciatioii Grant for P.S. Medway Quee Paddle whee15 journals aiid newsletters Arcl)ive collection Public meetings Govei'nance costs Managemcnt and admiiiistration 689,752 2,735,579 266,975 10,200 19,179 22,296 4,222 689,752 2,735,579 266,975 10,200 19,179 22,296 4,222 13,550 524,924 13,550 524 924 3 748,203 538,474 4 286,677 Group- yeai. ended 31 Oetober 2023 Direct wsts Suppoit cosls (See no* 7) Total Staff c05t5 Ship repair and opcrating costs Depre¢ialion Grant for P.S. Maid of Loch Paddle whee15 journals and newsl¢ttei'5 Archive collectiun Public meetings Governancc costs Management and administration 635,615 2,280,165 267,733 34,520 17.665 22,818 4,005 635,615 2,280,165 267,733 34,520 17,665 22,818 4,005 13,465 528.214 13,465 528 214 3,262,521 541679 3,804.200 Socl¢ty- year ended 31 O¢¢ober 2024 Uxwestrictcd Funds Resli'icted Funds Total Grants foi. P.S. Waverley Grants for P.S. Kingsweai. Castle Grants for P.S. M¢dway Queen Paddle Wheels Journals and Newsletters Archive ColleLtion Public Mectings 31,215 3,174 10,200 19,179 23,396 4,222 23,517 6,085 54,732 9,259 10,200 19,179 23.396 4,222 91.386 120,988 Page 23
Tlie Paddle Steumer Preservation Siiciety Notes fo the Financial StAtements - eontinued fov the Year Ended 31 October 2024 CHAIUTABLE ACTIVITIES COSTS- continue Society- year ended 31 O¢tobei. 2023 Uni'esti'ictcd Ilesti'ictcd Fuiids I"ot&l Grants for P.S. Wavei'ley Gi'ant5 for P.S. Kiiigswear Castle Grants foi. P.S. Maid of the Locli Paddlc Wheels Joui'nals and Newsletters ArclLive Collection Public Meetii)gs 258,853 4,500 34,520 17,665 22,818 4,005 101,097 3,555 359,950 8,055 34,520 17,665 22.818 4,005 342.361 104,652 447,013 SUPPORT COSTS Group 31.10.24 3J.JO.23 Maiiagcment Governance and ¢osts administration Total activities Toial acliviliÉs Auditors. retnuneration Auditors, remuneration- non audit work other pi'ofessional tees Staff costs Officc costs Postage and stationery Fundi'aisiiig costs Oth¢r costs 10.115 2,525 910 10,115 2,525 16.837 391,052 40,978 7,382 15,593 53,992 10,070 2,325 14,630 358,678 31,JlO 51,738 25,322 47,8Q6 15,927 391.052 40,978 7.382 15,593 524 924 538 474 54J,679 Soeiety 31.10.24 31.JO.23 Management Governance and costs administration Total activities Tolal oclivilies Auditors, remuneration Other costs 3,600 4,050 3.600 4.OSO 3,920 4,816 7,650 7,650 8,736 Page 24
The Paddle SieAmei, Pi'eseivalion ociety Notes to the Financial Statements - continued for the Year Eiided 31 Oetobcr 2024 NET INCOi¥qEI(EXPCNDITURE) Groiip Net incom¢l(expeiiditui'e) is stated aftei. chai-gingl(ci'editing)'. 31.10.24 31. 10,23 Aiiditors, remuiiei'ation Auditoi's, reinuneration foi. non audit woi'k Dcpreciation - owned assets 10.115 2,525 266,975 lQ,070 2,325 267, 733 Soclety Net income/(expenditure) is statcd after chargingl(crediting): 31.10.24 31. 10.23 Auditors, remun¢ration 3,600 3,920 TRUSTEES, REMUNFIUTION AND BENEFITS All trustee5 of the Paddle Steamer Preservation Society opei'at¢ on a voluiltaiy basis and are not remuneral¢d for the seiyices which Éhey provide. No person connected with a trustee received r¢muneration from the Society. Tru51ees and related parties coiitributed a¢¢umulated donations of £724 (2023 £1,891). Subsidiary ¢oillpaiiies paid remuneration durii)g the pei'iod to three of tlieir directors, hvo of whom w¢re trustees of the Paddle St¢amer Preservation So¢iety, totalling £76.978 (2023 £76,118). Payincnls to mon¢y purcliase pension s¢heme5 on behalf of these director5 totalled £2,201 (2023 - £2,002). Trustees, expen5e$ Two Society tr1151¥¢5 received reimbursements of Iravcl and accommodation costs incurred in the coui'se of their duties totalling £686 {2023 - £869 Yeimburscd to three trustees). io. STAFF COSTS Group 31.10.24 31.10.23 Wages and salaries Social security costs Othcr pension ¢osts Crcw Hii'e Costs 626,765 56,760 16,148 659.632 544.255 50,202 10,614 608, 082 1,359,305 1,219, 153 Th¢ average monthly number of employees during the y¢ar was as follows-. 31.10.24 28 31.JO.23 27 Sailing Office staff and management 37 36 One employee received remuiieratioii b¢tween £60.000 and £70,000 (2023 - 1 employe¢). Page 25
The Paddle Steanier Preservation Society Notes to the FiDaneial Statements - coiitinucd for the Year Ended 31 October 2024 11. COMPARATIVES FOR THE STATII MENT OF FINANCIAL ACTIVITIES GROUP 2023 I'otal fiinds Uni'estri¢led fiind Restricted fund Notes INCOME Donations ai)d legacies 887,316 108,348 995,664 Ch8ritablL #¢tiviÉies Charitable a¢tivitie5 3,291,586 3,291,586 Tradiiig activitie5 1,217,916 1.217,916 Inve5tinei)t income 40,517 7,992 48,509 Tolal Income 5.437,335 116,340 5.553,675 EXPLNDrruRE ON Trading activities (744,600) (744,600) Charisable activities Cliai'itable activitics (2,903,997) (358.524) (3,262,521) Governance costs (13,465} (13,465) Manageinenl aiid administration 528.214) 528 214 Total Expenditure (4,190,276) (358,524) (4.548,800) Net {losses)Igain5 on investments (257) (257) NET JNCOMEI(EXPENDI'fuRE) 1,246.802 (242,184) 1,004,618 RECONCILIATION OF FUNDS Total funds brought forwArd 1,979.556 2,890,394 4.869.950 TOTAL FUNDS CARRIED FORWARD 3 226,358 2648210 5 874 $68 Page 26
The Paddle Steainei. Prcsciwatioii Society Notes fo the FillaMciAI Stthtemellts - eontinucd for the Yeur Ended 31 October 2024 11. COMPARATIVES FOR THE STATEMII NT OF FINANCIAL ACTIVITIES SOCIETY 2023 Total funds Uiiresti'icted fuiid Restricted fund Notes INCOME Donalioiis and legacies 338,079 88,812 426,891 Charit2blc activities Chai'itable activities 21,303 21.303 TradiJ)g activities 18.332 18,332 Investment incoine 919 13,787 Total Income 390,582 89,731 480,313 EXPENDITURE ON Raising funds (12,110) (12,110) ChAritable activities Chai'it&ble activities (342,361) (104,652) <447,013) Oth¢r Costs 8.736) Total Expendilllre 363,207) 104,652) 467,859) Net {losses)Igain8 on inve5tmenls (257) (257) NEI T INCOMEI(EXPEM)ITURE) 27,118 (14,921) 12.197 RECONCILIATION OF FUNDS Total funds brought forward 814,010 25,443 839,453 TOTAL FUIYDS CARRIED FORWARD 841.128 10,522 851,650 Page 27
'rhe I'addle Steamer Prcs¥rvation Si)Licty Notes to tlie Financial StateJnents- coiitinued for the Year Ended 31 October 2024 12. HLI IUTAGI ASSEI TS Group and Society Arcliivc Ctsllection 'riie Society owi)s & collectioii of rclicg Yel8ting to paddle steainers. The collection wa5 revalued at mai-ket valuc at l Jaiiuary 2020 and is subject to an annual impainnent revicw. No impainnent was identifi¢d duriiig 2024. Moveinenls in 2024 are summarised as follows.'- Doiialed at Valuation Purcha5cd At Cost Total At l Nov¢mber 2023 Additions Disposals 115,733 3.000 20,981 227 136.714 3,227 At 31 O¢tob¢r 2024 118,733 21,208 139 941 Accounting standards also require th¢ publication of a fiv¢ year summary as follows'.- 2023124 2022123 2022 2021 2020 Acquisitions Purchases Donations 227 3.000 3,342 1,000 536 3,580 501 1,500 950 3.227 4,342 4.116 2,001 950 Charge for impairment Donuted il¢ins Purcha.qed itenis Thei'e w¢re no disposals durin8 the five year period. Page 28
The Paddle Steainer Pres¢rvation Soeiety Notes to the Fiiiancial Ssalement5 - colltinued for the Yeal. Eiided 31 October 2024 13. FIXED ASSETS Gyoup Equipmeiit foi. Vessels Totals Wavei'ley Kingsw¢ai' Ca511¢ Kingsw¢ar Castle Refit COST Al l Noveinber 2023 Additions 84,531 8,787,868 435.000 529,985 9.837,384 At 31 October 2024 84,531 8 787.868 435,000 529985 9.837,3 84 DEPRECIATION At l November 2023 Charge for ycar 12,452 6.148 6,514,095 239.628 21,199 6,547,746 266,975 At 31 Octobei. 2024 18,600 6 753.723 6 814,721 ET BOOK VALUE Ai 31 Octobcr 2024 65.931 2,034,145 435,000 487,587 3.022.663 At 31 October 2023 72,079 2,273 773 435 000 508,786 3,289,638 On 18th February 1998 the Trustees of th¢ National Heritage M¢moi'ial Fund took a 25 year mortgage on the vesscl P.%. "Waverlcy" as security for the conditions of the grant acccpted by the Company for lh¢ Heritage Rebuild project. The Paddl¢ Sieamer Pres¢rYation Society have a charge on P.S. "Waverley" securing a maxin)um sum of £695.835. 14. PROGRAMME RELATED INVESTMEras Group 31.10.24 31.10.23 Sharcs in Dait Valley Railway Limited 1,078 1,078 Society 31.10.24 31.10.23 Shares in Paddlc Steamer Kingswear Castle Trust Limited Shar¢s in Waverley Steam Navigation Co. Limited Loans to Wllverley Steam Navigation Co. Limited Shares in Dart Valley Railway Limited 55 51 117,201 1.078 55 51 IJ 7,201 1,078 118,385 118,385 Page 29
Tlie Paddle Ste#in¢r PYescrv#tion Soeicty Iyotes to ¢he Fillancial Statements- cotttiiilled for the YcarEnded 31 October 2024 14. INvfi STMENTS Tlie Paddle StC£iiiier Pi'eservRtion Society owns 830/0 of tlic issued share capital iii Paddle Si¢ailler Kingswear Castle TrLlSt Limited, thc owner of P.S. Kingswear Castl¢. The shaits shown in tl)e accounts at tlicir nominal value as shai'cholders iii Il)e Trust caiinol beiiefit from their holdings as it is constittited as & charity (registered Englaiid &i)d Wales 110. 299931)- The Paddle Steainer Prescrvation Society owns 670/0 of the issued shal'e capital in Wavcrl¢y St¢ain Navigation Co. LIlted, the owner of P.S. Wavei'ley. The shares arc showi) in thc acoounts al their noininal value a5 sliairholders in ihe Trust caniiot benefit fKoin tlieii. lioldiiigs a% it is constituted as a Ghayity (registcred iii Scotlaiid no. SC005832). P.S. Wavei'ley is opei'aled by Wavei'ley Excui'sioiis Liinited whicl) is a wholly owned subsidiary of Waveyley Steatm Navigation Co. Liinited. If upon windiiig up or dissolution of the alx>ve subsidiary ¢ompai)ies thei'e i'emain5 after satisfaction of all debts any property whatsoever the same shall not be paid or distributed among the shareholders bul shall be givcn to some othcr chavitable institution having similar objects. No dividends ar¢ payable by the subsidiary companies. As such it is not considcrcd that thcre are any minority intei'ests. The loa115 by the Society to Waverlcy Steam Navigation Co. Limited are inter¢st frcc and are repayable on two years, noti¢¢ expiriiig on 31 M8rch in any year. The shares in Dart Valley Railway Limited wcre dolted to the Socicty. Dart Vallcy Railway Limil¢d is thc ultimate l)olding coinpany of Dart Pleasure Ci'aft Limited, chaiteirrs of P.S. Kingswear Castle. The sl)ares al'e showii in the accounts at their value at the date of donation. 15. OTHER INVESTMETrITS Other investtllcnts held by th¢ Society to generate income or for their investinent pot¢i)tial consisted of a holding in Ch&rities orricial liivestment Fund Income Units at 31 October 2024 and 31 O¢lober 2023. 16. STOCKS Group 31.10.24 31. 10.23 Souvenir shop stock Bar and catering stock 65,518 10,169 41.054 8. 701 75.687 49, 755 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.10.24 31.10.23 Tyade debtors Prepayments and acclwed income Bequests Gift aid Oth¢r debtors 1.979 47,871 376,000 16,434 118,181 2.957 44, 706 52,000 28,2Y6 13,136 560.465 14J,095 Page 30
The Paddle SteAmcr Pre¥eryation Society Not&s to the Financial Statements - coiitinued for fhe Year Ended 31 October 2024 17. DEBTORS: AMOUNTS FALLING Duf WITHIN ONE YEAR- coiitiniied Soeicty 31.10.24 31.10,23 Prepayinents aiid accrued incoin¢ Bequ¢sts Gift aid 7.236 376,000 13,461 3,932 52,000 12,918 396.697 68,85Q 18. CREDITORS: Af*lOUNTS FALLING DUE WITHIN ONE YEAR Group 31.10.24 3J.JO.23 Trade crEditors So¢ial security and other tax¢s Other ¢i¢ditors Annual subscriptions in advance Life membeTship equalisation account 285,087 89,851 314,675 30,866 1,127 227,170 8SI, 784 237,512 32,307 1,143 721.606 587,916 Society 31.10.24 31.10.23 10. 789 32,307 J, 143 Trad¢ creditors Annual subscription5 in advance Life membeiship equa]isation account 5,456 30,866 1,127 37,449 44,239 19. CREDITORS: AMOiJNTS FALLING DUE AFTER MORE THAN or4K YEAR Group and Society 31.10.24 31.lJ.23 Life tneinbership equalisation account 10,234 20. PROVISIONS FOR GRANT LIABILITIES Society 31.10.24 31.JO.23 Canying amount at l November Grant paid Granl Gommitmenls made (23,871) 23,871 15,637) (61.571) 61,571 23,871 Carrying amount at 31 October Page31
The Paddle Steamer l)I'eservatR(bn Society Notes to the Financi41 Statements - colltioued for the Ye&r Ended 31 October 2024 21. ANALYSIS OF NET ASSETS BETWEETrI FUNDS Group 31.10.24 Total funds 31.10.23 folal fiiiids Unrestricted fuiid Resti'icted fuiid Fixed assets Current assets Cui'i'ent liabilities Long Éeri)) li¢ibilitie5 777,580 4,346,819 (721,606) 9,856) 2,406,393 14,392 3,183,973 4,361,211 (721,606) (9,856) 3.445,682 3,027, n36 (587, 916) 10,234) 4,392,917 2,420 785 6813,722 5,874,568 Society 31.10.24 Total fund5 31.10.23 Tolal ftsnds Uni'esti'ictcd fund Reslri¢ted fund Fixed assets CuNenl assets CurnI liabklities Loiig tenn liabilities 278,617 1,099.350 (37,449) (142,694) 278,617 1,113,742 (37.449) 142,694) 273,351 773.844 (44,239) 151,306 14,392 1,197,824 14,392 1.212,216 851.650 22. MOVEMEI NT IN FUNDS Group Nel moven)ent in funds At 1.11.23 At31.10.24 Unrestrieted fund5 General fund Restoration and Preseivation Fund General P.S. Kingswear Castle R¢valuation Reserve Revaluation Rescrves Arcliiv¢ Development Fund Archive c.ollection Resei've 2,025.595 580,819 431,665 17,728 60,000 808,403 353,137 2,833.998 933,956 431,665 19.767 60,000 113 551 2,039 3,000 3.226,358 1166,579 4,392,937 Restricted funds P.S. Waverley Rebuild Fund P.S. Waverley Boilei. Refit Capital Fund P.S. King5wear Castle R¢build Fund Restoration and Pi'cscrvation Fund General P.S. Kingswear Castle Ai'chive Development Fund 946,264 1,297.824 393,600 (162,458) (77.170) 8,333 3.816 783,806 1,220,654 401,933 5,655 7,967 770 7,967 716 54 2,648210 227,425 2,420,785 TOTAL FUNDS 5,874,568 939,154 6,813.722 Page 32
The Paddle Steamer Preservation Society Notes to the Finaneial Statemejits - coiitinyed for tlie Year Ei nded 31 Oetobey 2024 22. MOVEMENT IN FUNDS- continued Group Net Iliovemcnt itt fiinds, included in tlie above are as follows: Incoming Resouires Resoui'ees Expended Transfer between funds Gaiiis and Movement in LA)sses funds Unrestricted funds Geiiei'al fund Restoration and PrervatiOn Fund General P.S. Kingswear Castle Revaluation Rescrves Archive Dev¢lopment Fund Archive Collection ReseTh¢ 5,648,113 (4,839,710) 808,403 345.101 8.036 (250,000) 250,000 95.101 258,036 2,039 2.039 14,243 3,000 (14,243) 3,000 6,018 493 4.853,953) 1,166.579 Restricted funds P.S. Wav¢rley Rcbuild Fund P.S. Waverley Boiler Refit P.S. Kingsw¢ar Castle Restoration and Prcservatinn Fui)d Genernl Arrhivc Development Fund (162,458) (77,170) (21,199) (162,458) (77,170) 8.333 29.532 3,816 54 3,816 54 260 827 227,425 939 154 TOTAL FUNDS 6051,895 5,114,780 2,039 Page 33
The Pa(Idle Stcavner Pre8e)wAtiott Soc5ety Notes to the Finaiicial Statements - continued for the Year Ended 31 October 2024 22. MOVEMENT IN FUNDS- conlinued Group Net At 1.11.22 11)ovemeni in fuiids AI31.10.23 Unrestricted funds General Fund Restoration and Pres¢rvation Fund General P.S. Waverlcy P.S. Kingsweai. Castle R¢valuation Rescrve Revaluation R¢serve5 Archive Developinei)t Fund Archive Collection Reserve 830,846 529,281 199 431,665 17,985 60,029 109.551 1,194.749 51,538 (199) 2,025,595 580,819 431,665 17,728 60,000 110,551 (257) (29) 1,000 1979 556 1,246,802 3 226 358 Restricted funds P.S. Wav¢rl¢y Rcbuild Fund P.S. Waverl¢y Boiler Refit Capital Fund P.S. Kii)gsweai' Castle Rebuild Fund Restoi'ation and Prcs¢rvation Fund General P.S. Kingswear Castl¢ Archive Development Fund 1,108,722 1,374,994 381,235 16,869 7,965 609 (162,458) (77,170) 12,365 (I S,030) 946,264 1,297,824 393,600 1,839 7.967 716 107 2,890 394 242,184 2 648,210 TOTAL FUNDS 4,869,950 1,004,618 5,874,568 Page 34
The P#ddle Stcamcr Preservation Sueiety Notes to the Finaneial Statements - ¢ontinued for the Yeai. Ended 31 October 2024 22. f*qOVEMENT IN FUNDS- contiihued Group Net Inovement ii) funds, in¢llldc(l iii the above al-e as follows: Incoming Resoui'ces Resouyces Expended Ti'ansfei. between fuiids Gains and Losses Movein¢iit li) funds Unrcstricted fuiids General fund Restoration and Pres'vlI0n Fui)d General P.S. Wavei'ley Revaluation Re5crves Archive Development Fund Archiv¢ Coll¢ction Reserve 5,138.776 {3.944.027) 1,194,749 283,749 {232,211) (207) 51,538 (199) (257) (29) 1,000 (257) 13.802 1,000 (13.831) 5,437 335 4 190,276) 257) 1,246 802 Restricted fund5 P.S. Waverlcy Rebuild Fui)d P.W. Waverley Boiler R¢fit Capital fund P.S. King5weJr Castle Rcbuild Fund R¢sloralioll and Preservation Fund G¢nernl P.S. Waverley Ai'chive Development Fund (162,458) (162,458) (77,170) (3,555) (14,244) (77,170) 3.557 26.609 12,365 2,560 83,507 107 (17,590) (83,507) {15.030) 107 116,340 358.524) 242.184) TOTAL FUNDS 5.553,675 (4 548,800) {257) 1,004.618 Pag¢ 35
The Paddle Stcamer Prese1vtiO7) Sociely Notes to the Fillanci#l Statements- continued for the Year Ended 31 October 2024 22. MOVEMENT IN FUNDS- co]]Éinued C¥roup A current ye#i' aiid prior yeai. combin¢d i)et moveinent iii t4inds is as follows'.- Net Inovenieiit in fund5 At 1.11.22 At31.10.24 Uni'estricted funds G¢iieral bund R¢storatioii aiid Preservation Fund Gcneral P.S. Wavei'ley P.S. Kingswear Casile Revaluation Reserve Revaluation Reserves Archive Dcvelopment Fund Arcliive Collection Reserve 830,846 529,281 199 431,665 17,985 60,029 I09,551 2,003,152 404,675 (199) 2,833,998 933,956 431,665 19,767 60.000 113,551 1,782 (29) 4,000 1979 556 2.413 381 4 392.937 Restricted funds P.S. Wavci'ley Rebuild Fund P.S. Waveyley Boiler Refit Capital Fund P.S. Kingswear Castle Rebuild Fund Restoration and Preservation Fund General P.S. Kingsweai. Castle Archive Devclopinent Fund 1,108,722 1,374,994 381,235 16,869 7,965 609 (324.916) (154,340) 20,698 {11,214) 783,806 1.220,654 401,933 5,655 7.967 770 161 2,890,394 469,609 2,420.785 TOTAL FUNDS 4,869,950 1,943,772 6.813,722 Pag¢ 36
Tlie Padille Steamer Preservation Society Notes to the Fimancial Statemellts- eontinued for the Year Ended 31 October 2024 22. MOVEMENT IN FUNDS- continued Gi'oup Net inovemeiit iii funds, ii)cluded in thc above are a5 folloivs.. Incomiiig Resourccs Kesources Exp¢nded Transfer between funds G&ins and Ltssses Movcmeiit in fui)ds Unroqtricted fund8 Gcneial fund Restoi'ation and Pi'eservation Fund General P.S. Wavei'ley P.S. Kingswear Castlc Revaluation Reserves Archive Dcvclopment Fund Ai'cl)IVL Collection Reseive 10,786,889 (8.783,737) 2,003,152 628,850 (232,211) (207) (2SO,000) 146,639 (199) 258.036 1.782 (29) 4,000 8.036 250,000 1,782 28,045 4,000 (28,074) 11455,828 9.044,229) 1,782 2,413 381 Restricted funds P.S. Waverley Rebuild Fund P.S. Wavcrley Boiler Refit Capilal Fund P.S. Kii)gsw¢ar Castle Rebuild Fund Restoration and PYes¢rvatioii Fund Gencral P.S. Wav¢rley Archive D¢velopment Fund (324,916) (324,916) (154,340) (24,754) (14,244) (154,340) 8,335 12,365 33,089 26,609 6,376 83,507 161 (17.590) (83.507) (11,214) 161 149,742 619.351) 469,609) TOT AL FUNDS 11,605,570 9,663,580} 1,782 1,943.772 Page 37
Thc Paddle Slcamer Preservatiun Society Notes to the Finaneial Statements - continued roy the Year Ended 31 October 2024 22. MOVEMENT FUNDS- coiitinueil Soeicty Net tmoveinent iii (unds At l.11.23 At 31.10.24 Unresti'ieted funds (i¢iieral Fuiid Resloi'atioii and Preseivalion Fund General P.S. Kiiigsivcar Castle Revaluatioii Reserv¢5 Archivc Developinent Fund Arcliive Coll¢ction R¢se¢ 72,030 580,819 (1,480) 95,101 258,036 2,039 70,550 675,920 258,036 19,767 60,000 Il3,551 17,728 60,000 110,551 3,000 841,128 356 696 I,197,824 Restricted funds Rcstoration and Preservation Fund General P.S. Kin¥sweai' Castle Archive Development Fund 1.839 7.967 716 3,816 5,655 7,967 770 54 14,392 TOTAL FUNDS 851 650 360 566 1212216 Net inovement in funds, included in the above are as follows: Incoming Resources ResOu¢S Expend¢d Transfer betwecn funds Gains ai)d Moveinent in Losses funds Unrestricted fund5 General fund Restoration and Preservation Fund Gencral P.S. Kingswear Castle Revaluatioii Rescrves Ai'Lliive Development Fund Archive Collection Reserve 95,704 (97,184) (1,480) 345,101 8,036 (250,000) 250,000 95.101 258.036 2,039 2,039 14,243 3.000 (14,243) 3,000 466 084 111,427) 2,039 356,696 Restricted funds R¢stoi'ation and Preservation Fund G¢neral P.S. Waverley P.S. Kingswcay Castle Archive D¢velopment Fund 3,816 23,517 6,085 54 3.816 (23,517) (6,085) 54 33,472 29,602) TOT AL FUNDS 499,556 141.029) 2,039 360 566 Page 38
The Paddle Ste#mei' PreservAtioii Soci¢ty Notes to the Fill#ncial Staten)ents - continued for the Year Ended 31 October 2024 MOVEMENT IN FUNDS- eontinued Society 22. Nel moveii)ent At 1.11.22 At31.10.23 Ullresti'icted funds Genci'al Fuiid Restoi'alioii and Pi.esetion Fund General P.S. Waverley Revaluatioii Reservcs Archive Developinent Fuiid Archive Collection Kesei've 96,965 529,281 l99 17,985 (24,935) 51,538 (199) {257) (29) 72,030 580,819 17,728 60.000 110,551 109,551 814 010 27,118 841,128 Restricted funds Restoration and Pr¢seNation Fund General P.S. Kiiigswear Castle Ai'chive Dev¢lopment Fund 16,869 7,965 609 (15,030) 1,839 7,967 716 107 14,921 10,522 851.650 TOTAL FUNDS 839,453 12,197 Net Inoveinent in funds. included in the above al'e as follows.. Incomii)g Resources Resources Expended Transfev between funds Gains and Losses Movement in funds Unrestricted funds General fund Restoration and Pr¢serv&tion Fund General P.S. Waverl¢y Revaluation Reseives Archive Devclopinent Fund Archive Collection Rcserve 92.023 (116,958) (24,935) 283,749 (232,211) (207) 51,538 (199) (257) (29) 1,000 (257) 13,802 1,000 (13,831) 390.582 (363,207) 257) 27,118 Restrieted funds Restoixtion and PselVatIOn Fund General P.S. Waverley P.S. Kingsweai. Castle Archive Development Fund 2,560 83,507 3,557 107 (17,590) (83,507) (3,555) (15,030) 107 89,731 104,652) 14,921) 12,197 TOTAL FUNDS 480,313 467,859 Page 39
The Pa(Idle Stcumer Presevvation Sneiely Notes to ihe Financial Statements - eolltinued for the Yeor Ended 31 Oetober 2024 22. MOVEMENT IN FUNDS- continued Society A current year ai)d prioi. yeai. combined net moveinent in funds is as follows:_ Net movcinent iii funds At 1.11.22 At31.10.24 Uni'estricted fund5 Gciiei'al Fund Restoration and Prc5eiwation Fund Gcneral P.S. Waverley P.S. Kingsw¢ar Castle Rcvaluation Resetves Archive Development Fund Archive Collection R¢s¢ive 96,965 529,281 l99 (26,415) 146,639 (199) 258,036 1,782 (29) 70.S50 675,920 258.036 19,767 60,000 113,551 17,985 60,029 109,551 814.010 383,814 1.197,824 Restricted funds R¢stoi'ation and Preservation Fund General P.S. Kiiigswear Castl¢ Archive DevElopinent Fund 16,869 7,965 609 (11.214) 5.655 7,967 770 161 25,443 11.051 14,392 TOTAL FUNDS 839,453 372.763 1,212,216 Pagc 40
Th¢ Paddle Stemer Prcseryatioii Society Notes to the Financial Statemellts- continued for the Yekir Ended 31 October 2024 22. MOVEMENT IN FUNDS- continued Society Net illoveinent in fiinds, included in tl)e above al'e as follows.. Incoining Resouyces ResouYc¢s Expcnded Traiisfer between fiinds Gaiiis aiid Losses Moveii)eiit in funds Unrestricted funds General fund Restoi'ution and Preservation Fund Geiieral P.S. Waverl¢y P.S. King5w¢ar Castle Revaliialion Reserves Archive Development Fund Ai'chive Collection Reserve 187.727 {214,142) (26,4151 628,850 (232,211) (207) (250,000) 146.639 (199) 258,036 1,782 (29) 4,000 8,036 250,000 1,782 28,045 4,000 (28,074) 856,666 474,634) 1.782 383 814 Restricted funds Restoration and Preseivation Fund General P.S. Waverl¢y P.S. Kiiigsw'ear Castle Archive Devclopment Fund 6.376 107,024 9,642 161 {17,590) (107,024) (9,640) {11,214) 161 123.203 134,254) 11051) TOTAL FUNDS 979,869 608,888) 1.782 372,763 Restricted funds comprise the i'cstoi'ation and preservation fund. which holds fullds donated foi. P.S. Waverley or P.S. Kingswear Castle. or eitlier of thetn and the archivc d¢velopmeni tund which holds moni¢s given for the development of the archive callection. P.S. Waverley rebuild funds are comprised of Capital grants received towards th¢ rebuild Costs of P.S. Waverley le55 annual depreciation charges. P.S. Waverley Boiler refit capital fvnd represents the capital cost incurred on the boiler refil project les5 depreciation. P.S. Kingswear Castle rebuild fund relat¢d solely to funds received towards major work on the vessel. Page 41
Th¥ Paddle Sfeamer PreservatlOD SoLicty Notes to the Financial Statement5 - Colltinued for the Year Ended 31 October2024 23. GRANTS All gi'aiits made by tli¢ Society were lo other cliayities iii pui'suit of tlic Society'5 object of presci'ving in opei'ation paddle stc#ine¥s aiid Inaintainiiig a Lollectioi) of Iiistorical material I'clatiiig to pAddle steainer5, In generdl g]'aiJts are oiily made towards work on t])e fabric of the vess¢ls siippoiled. 24. CAPITAL COMMITMEI NTS Group 31.10.24 31. 10.23 Coi)tracted for but not pi'ovided in ihese finaiicial statein¢nts 278,015 Society 31.10.24 31.10,23 Conti'acted for but not provided in tliese financial statem¢nt5 25. LEASE COMMITMENTS Thc Paddle Steamer Preservation Society l¢asc5 Its archive piEmises froin Chatham Historic Dockyard Tnlst. The lease expircs on 24 May 25. The 2024125 commitiiient is £3,893. Page 42