(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 GI￿e￿aCk 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 2pp0fi￿t 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 PreSe￿￿tIon 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 p￿pared 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 T￿st (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 pl￿VIde$ 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, Occu￿rd 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¢¢ss￿l 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 i￿n 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-$p￿lf￿c 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 0￿rateS 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 PreSe￿allOn 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 wo￿8 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 A￿epted 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 a￿OUntIng 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 req￿lre 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 R￿ponSIbIlitieS 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 fU￿d.$
un￿StrICted
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 fO￿ard
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 A￿ETs
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
C￿h 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 ste￿ne1. 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 impa11￿ent 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 sub￿riptions
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. LI￿lted, 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 dol￿ted 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
Cu￿rnI 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
Pr￿ervatiOn 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￿'v￿lI0n 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 Prese1v￿tiO7) 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.ese￿￿tion 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
P￿selVatIOn 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 Ste￿mer 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