(Registereil Niimbev . 02J67853) The Paddle Ste#mer PresenTation Society Report of the Tyustees and FinanciAI Statemeiits for the Year Funded 31 Oelober 2025 14ENDERSON & C'OMI)ANY 78 Union Sti￿¢ C￿￿n￿ck PA16 8H(- Tlie Padille Steamer Preservation S()ciety Contents of the Fillaiieial Statemeiits for the Year Ended 31 October 2025 Page Report of the Trustees 1109 Repoi'l of the Ind¢p¢ndeiit Auditors Ioto 12 P￿.ent Statement of Fiiiancial Activities 13 Consolidated StateiDent of Financial Activities 14 Pa￿nt Statement of Finaiicial Position 15 Consolidatcd Statement of Financial Position 16 Consolidated Statement of Cash Flows 17 Notes to the Coi)solidated Statement of Cash Flows 18 Notcs to the Financial Statements 19to42 Tlie Paddle Steaiiiei. Pre8eiwatioii Society Repni't of thc Tl'ustees for the Year Ei nded 31 October 2025 Tlie Coiincil of Managemeiit presents its I'CPOrt which f017ns tlie Ti'uste¢s' Annual I'eport i'cquired by chai'ity law aiid the Directors, I'cpoit i'equired by Coinpany law. Thr trustees liavc adopted the provisioiis of Accounlii)g aiid Repoi'liiig by Cliai'ities.. Statcmcnt of Recomineiided Practiee applicable to cliai'ities pi'epariiig theii. accouii15 in a¢coi'dancc witli the riiiancial Reporting Staiidard applicable in the UK and Rcpublic of Iiylaiid (fRS 102) and in aecoi'dancc with he Coinpai)ies Act 2006. STRUCTURE, GOVERNANCE AND LIIANAGEMENT Governing document Th¢ Society is e coinpany limited by guai'aiitee (having i)0 sliaiE oapital). Tlie Soci¢ty is 8ovei.iied by ils Ai'licles of Associatioii which set out Éhc Society's objects. Rfi.Ffi,Rfi.NC.E AND ADMINISTRATIVI DETAILS Registei'ed Company number 02167853 (England) ReEis¢ered Charity numbers 298328 (England) SC037603 (Scotland) Registered oftfiee Mayfield Ho¢ Lane Abinger Hatnmer Doi'king Eiigland RH5 6RS Trustees Elected Members (up to seven) Johii Allen (Chairman) Richai'd Clammer (3) Asliley Gill {3) (appointed 25.10.25) David Green Jon Jolliffe (resigned 25.10.25) Maitin knngliurst (Treasurer) Peter Morley (company Secretary) Paul Semple {1,2&3) Branch Represent4llves (up to five) Iccith AdaIns (Wessex and Dart) Angela Johnson (Noiih of England and Noi'th Wales) (National Secretary) Noel Kemp (Bristol Channel) Christophei. Larkin (London and Home Counties) Gordon Wilson {S¢otlish) (Vice Chaii'marl) (Membership Secretsry) Representgtlve of Waverley Steam Navigation Co. Ltd. (may appoint one trustee) D¢ryk Docherty (1&2) Representative tsf P.S Kingswear C#stle Trusl Ltd. (may appoint one tvllstee) Jolin Megoran (3) Page I The Paddle Steanier Presei'vatioii Society Repoi't of the Ti'iistees for the Year Ended 31 Octobei. 2025 Ilepresentative of Lo¢h IA>mond Steamship Co. (may appoillt ome trustee) lain Robeitson einbers eo-oijted by Couiicil (up to two) Vacaiicy Vacaiicy Directoisliips of related party coJyJpanies'.- ( l ) Wavei'ley Steain Navigation Co. Liinited (2) Waverley Excursions Limited (3) Paddl¢ Steamer Kingsweai. Castl¢ Tn]st Liinitcd Independent auditors l-lei)dei3on & CompaThy 73 Union Street Greeiiock Renfrewshire PA168BG Page 2 Tlie Paildle Steiiiier Presei'vatioll Society Report of fhe Ti'ustees foJ- tlie YeAI' Ei ilded 31 October 2025 Legal and adinii)istrative iiifoiinalioii Sel out oil pages l and 2 fol.￿5 parl of this i'cpoit. The fiiiancial statements li&ve beeii prepai'ed in ac¢ordaiice witli tlic accoiintiiig policics set out itt note I lo tlie a¢counts and coinply witli tl)¢ cli81'ity's Ai'ticles of Assucialioii, tlie Accounting and Reporting by Cliai'ities.. Statcinciil of Recominciided Practice applicable to chai'ities pi'epai'ing their fii)ancial statemeiit5 iii accoi'daii¢e ivitli the Finai)¢ial Reporting Staiidard applicable in thc UK aiid Republic of Ii'eland (fRS102) and in ac¢ordance with tlie Coillpanies Act 2006. The consolidated financial statement5 include th¢ transactioiis of all eoinpltiiies within the PSPS Group. These al'e the Society itself togetliei. witli Waverley Si¢am Navigatioii Co. Limited (WSN), Wavcrlty Ex¢ursions Limited (WEL) and Paddle Steain¢i' Kings￿'Car Castl¢ Trusl Limil¢d (PSKCT). WEL is a wholly own¢d subsidiary of WSN. Objects Tl)ese may be summaTised as to preserve in operation paddle steamers, to educate the public in Ih¢ii' histoi'ical Significance and to preserve and exhibit a collection of equipment and material associated with paddle steamers. The Society's principal activities are lo assist in the preseivation in sailing condition of the Paddlc Steamers Waverley and King8w¢ai' Castle through ils subsidiai'ics and to Inaintain a collection of historical material relating to the paddle steainers. The Society provides public bcncfit by makiiig grdnls to charities to enable them to maintain their vessels so the public may sail on them. by maintaiiiing a collection of aitefacts acccssible for I'esearch purposes; by holding public Ineetings relatingto paddle steamers. and by publishiiig cuiiynt and historical infoiination relating to paddle steamers. The trustees have paid due regai'd to Charity Commission guidartce on publi¢ benetit in dcciding what activities the Soci¢ty should undeitake. Business Review including Achievements, Perforniance #nd Future Developments SOCIETY HiEhlight8 of the Year Waverlcy had a i'ecord year for eamings and cnjoyed the best passenger numbers foi. maiiy years. This was achieved dospile significant weather disruption towards the end of her season and some mechanical woes. Sh¢ was able to make thi'ee tirst tiine Calls at Carbosl, Isle of Skye, Salen, Isle of Mull aiid Rochester. Kent. On the River Dart, Kittgswear Castle returned to service with a beautiful new bar aft and had a successful couple of Inonths giving one hour ciwises from DdrtTnouth. Th¢ two paddlers did meet up again at the end of Waverley's epic voyage from the Clyd¢ via Kyle of Lochal8h, Dundee and Tilbury. Following a special sailing to Totnes for the Society, Kingswear Castle was withdrawn to enable Phase 2 of her rcbuild to b¢ commetkced. More infonnation about our paddlers is giv¢n in the owning companies. rcports b¢low. Although the Society's year was largely unevcntful, we had the good fortun¢ to host our Annual General Meetiiig in th¢ Pi'incess Royal Gallery. National Museuin of the Royal Navy at Portsmouth Historic Dockyard. This was followed by a prcsentation by Henry Cleary who preserved VIC56, a wartime Clyde puffei.. Sadly, almost a year after the death of her husbat)d, Timothy West CBE the second of our joint Patron4 Prunella Scales CBF., died on 27 October 2025. They had been our joint PSPS Patrons since 2016. Fleing true supporters, to show off Waverley, they had chartercd licy to celebrate both their Ruby and Gulden w¢ddiThg annivei'saries witli a sailing thix)ugh Tower Bridge. Suppor¢ing Paddle Steamer Waverley Supporting P.S. Waverlcy lo ensui'c tl)at she can continue to operate remains a top priority of the Society. In 2024-25 the Society continued its policy of pi'oviding financial support to WSN as the owning charity. Page 3 The Paddle Ste8mei' Preservation Soeiety Report of the Tvuqtees ror the Yeai. Elided 31 Oetober 2025 Membci's and suppoi'letE coi)ti'ibuted £32,030 foi. Ilie waY￿.1¢y whieh was passed on lo WSN. Tile Scottish Braiich graiiled £1 0,600, Wessex and Darf Branch gyave £500. It was a record year for Grand Di'ftw sales. I"Iic Scotti81i Bl'anch Draw.4old out iti mid-Aug115t, wliile Wavei'ley was still oli the Clyde, iaising £19,922. '1'he London aiid Hom¢ Couiilies Bi'aiieh I'apidly organised an Aiit1111111 Draw, I'aising a further £1 1,458. '1"his means tliat altogethei. the Society coiili'ibuled £74,510 dui'ing the y¢ai'. Tlie oiitstanding long-tet7n loRns lotalling £1 17,201 wei'e coiivei'led lo gi?iils during Ihe year. Sui)porting Paddle Steamer Kiiigswear Castle Supporting P.S. Kingsweai. Castle to eiisure that she can continue to opei'ate is the otlier top priority of tlie Socicty. In 2024-25 the Society continued ils policy of providing financial support to PSKCT as the ownii)g charity. During tlie year ij)embeYs and supporlei's contributed £9,283 for Kingswear Castle and tliese conti'ibutions were passed on to PSKCT. In addition, the Wessex a]id Dart braiich made A gi'ant of£200 to PSKCT. Other Paddle Steameys Suppoi*ing Paddle Steamer Maid of the Loeh The Society also suppoits financially the preservation of P.S. Maid of tlie Locl). wlii¢h is owned by Loch Lomond Sleamsl)ip Comp&ny (LLSC), an independent Scottish ¢h8J'ity (SC024062). LLSC is one of the bodies lo which the Society is allied, having aims relaled to tli¢ preservation of lai'ge pleasui'e sleam¢rs, and with wliich close links ar¢ maintain¢d. Svpportlllg Paddle Steamer Medivay Queen The Society maintains close links with the Medway Queen Ptrservation Society (MQPS), which is a working name of The New Medway Steam Packet Company Liinited (NMSP)- NMSP owns P.S. Medwlly Queeii and is an iiidependeiit English chai'ity (02100358). Waverley Steam Navigation {WSN) Repoi'¢ Waverley is operated by WEL, wlii¥h is a wholly owned subsidiary of WSN. Waverley had be¢n laid up for winter 2024125 on 25 Octob¢r 2024. The WSN irns¢¢¢s detem]ined that sufficient funds wer¢ in hand to enable a refit and ov¢vhaul programmc entailing expcnditure of approximately £lm on matei'ials and s¢rvices, within a total budget of £1.7m including payroll, insurance, mai'keting and all other cxp¢ns¢s. The works included survey of the high PlEssur¢ part of the main engine, the &ft hull, aft steam lines, anchor And chain, paddle wheels, general seryice pump and forward feed pump. Load testing and replacement wires for the davit5 weir required. Steelwork repairs to the forwai'd deck shelter were addi'essed. Ovei. 200m of deck timb¢r replacement was undeitaken on the promenade d¢Lk and the fonvard deck shelter roof. A new staircase was ¢nn.£b'ucted for ttLe upper deck and the engine room skylight was I'emoved. Refurbishment of lh¢ passenger toilets, the lowey dining saloon, and the crew utility rac)m alongside renewal of three electrical disti'ibution boards and the walk-in fridge and freezer compressors and cvaporalors were completed. A material capital project was undertaken to rcplace the boiler bui'ners, as th¢ manufacturer of the existing plant had withdrawn from techrLical suptK)rt and the provision of spare parts. In drydock, 51eelwork i'¢pairs to the aft hull w¢r¢ made and the entire aft hull scction was sandblagted and r¢painted. Both paddle box facia5 were renewed. Throu￿7 the wintei. volunteers undertook an extensive programme of varnishing of seats and other timber. with the use ol a covcrcd workshop area at the Riverside Museum. A liglitship survey was undertaken at thc Science Centre beith in Glasgow prior to her u'ew joining, to enable final trials and inspections for the Maritime ￿ld Coastguard Agency. Booking5 for the new season were opened in February and total advanced sales exceedcd £1.3 million before the ship eommenc¢d sailing on 15 May. The programme for 2025 followed a familiar pattern bul included commemoration of tl)e 50, anniversary of the first Sailings under preservation in 1975. Waverley cAlled at Crinan toi. the fii'st time in many yeai's during a 501d-out Glasgow to Ob&n voyage. She made her fii'st call at Carbost in Skye and retui'ned to Ullapool. Use was made of Holyhead and both Livei'pool and Seacoillbe for North Wales trips. The Bi'i5tol Channel pi'ogramme in June benefited from mostly favourable weath¢r conditions, as did the main suinmer Clyde sailings. Passengei. numbers for ihe Clyde wcr¢ up about 30Q/o. Highlights included escorting Cunard's Que¢n Anne ort hcr departure from Greenock. and a visit to Trooii. N&vigation of the Rivcr c.lyde eiitailed the operation of two new bi'idges at Govan and Renfrew wliich required to open to allow Waverley to pass. Weather conditions in the Irish Sea and furthei. south in the last week Page 4 The PAd(Ile Steamei. Preseiw#tloii SoLiely Repoi't of tlie Tru.stees for tbe Yeai. Ei nded 31 October 2025 of Aiigust led lo Wavei'ley illaking her first passage aloiig Scotland's iioi'ili coast in ovci. 20 years. She called at DLindee aiid Tilbuiy befoi'e eventually I'eaeliing Daitmoutli, liaviiig covered owei. 1,200 Iniles sincc leaviiig Ayi.. Tlie South West and Soliih Coast scl)¢dules tlii'ough Septeimber wei'e Inatei'ially disi'uptcd by adverse weailiei.. Waverley called al Torquay roi. die fii'st lime since the 1980's aiid Weytnout]i after a break of 7 ycays. Ott tlie ThRme5, Wavei'ley uscd a n¢w beEth al Rocliestei. foi. the first tiine. A tiouble-fi'ee i'etiiti) pas'sage tn the Clyde via ihL West coast saw Waverley coinplete a cii'ciiiniiavigatioii of Gi'eat Bi'itaiii. On conclusioii of the sailing season 123 oiit of the planiied 139 service days liad been opei'ated. or thc 16 days lost, 9 were due lo weathei. and 7 foi. technical reasons. The principal technical issues wci'e caiised by a l'ope b¢itig caLight up in tlie port paddle wheel, and by tl)e failiire of welds affeetiiig tlie port spriiig beam. During the season 161,950 pass¢nger joui'iieys wer¢ recorded, thc liigliest total since 1996. Tlie IEveniies from li¢ket sales aiid retail s&les (Linderlaken by WEL) of £4.91m increased by 4.5 % coinpared to 2024. As the wiiiter layup and overhaul for 2025126 ¢oinmen¢ed, the schedul¢d woi'ks included i'epla¢¢ment of ihe poll spi'ing be&m and steelwork i'eplaccment in the paddle drum and waist-rop¢ woilW and the steel strake, wher¢ the hull meets ihe decking as necessaiy. also fonvard of the paddl¢ boxes. This is being funded by inhouse labour from DPC. the results of PSKCT fund raising and res¢rv¢s and a grant of £200.000 from PSPS. Kingswear Castle is expected to retui to service for the 2026 season. We have continued to provide an edueational role. not only with material about Kingsweai. Castle, but also about the history of paddle Steame￿ more generally, through regular posts on our websit¢. There is now a post for what happened to some paddle steamers somewhere in the woi'ld for evely day of the yea]. plus regular Pictures of the Month features and stories aboul paddle steamers as well as other paddle steamer i'elatcd news and other posts. Page 5 The Paddle Ste#mei' Preseryatioll Society Rvpvi't of the Trustees foi. the Year Ei nded 31 Ocfobei, 2025 We eonlinue lo be very pleased witli tlie way DPC look aftei., iiin and Inaintaiii Kingswcar Castle to an ekceptioiially high standaixl. Archive Collection Tlie Socicty lias a spccialiscd Ai'chive C(Illection of over 70,000 ileins. The Collectioii lias been accuinulated ovci. tlic 66 ycars of tl)e Society's exisleiiee and I'anges fi'oin ship modcls lo.%liip's fui'iiiture? plans and drawings, sailing liandbills, postcards, pictvreslslides and Coinpany i'ecords. I'o fiilfil its educational rol¢ Ilie Socicty is wodiiiig to make its collection mol'e ae¢essible for research will) a number of objects already on loan for display purposcs to appropi'iate Inu8eums. As pait of this process, sclected items fi'om il)e collection ai'c Iiow displayed on the Society's w'ebsite. A sub-coimmittee of three. includiiig two Council of Management Iruslees, has rcsponsibility foi. managing ilie collection. The day-to-day i'uni)ing is dealt witli by on¢ truqlee. Long and sliort tenn plaiis have been created an(1 a five yeai. budget has been appiDved. The Ai'chive Dev¢lopment Fund (Ivhich partially funds this work) has bcncfiled fiom ¢oiiti'ibutions from individuals. In addition, the Council of Managemciit has decided lo add 5 /ts of non-specific bequests to tile Fund. The voluntc#r team continues to catalogue non-accessioned items and has focus¢d 011 specific eolleotioi)s. Dui'ing this last yeai. the Arcl)ive has relocated to furtlier new pirmises and as a result the scaniiing project has been paused uiitil tlie I'e5uliant r¢organisation has been compl¢l¢d. Trustees Thc Council of Management are the Sooiety's charity trustees and dire¢toi's. The Council of Management contro15 the Society and met online twic¢ and face-to~face once dui'ing the Ye￿.. The methods of appointment are as follows- Method of AppoinÉmeiit Members of Ili¢ Society elected by postsl ballot of the Membe￿h1p One meinb¢r of the Society fi'om each Bl'anch of the Society nointiiated by Ihe meinber's Branch Committee One i'epresentative appointed by Waverley Steam Navigation Co Liinited One representative appointed by Paddle Steamer Kingswear Castle Trust Limited Number One representative appointed by Loch Lomond Steamship Company Members ¢o-OPted by Council until next AGM 17 Org&iil8a(ion The Society operates both atUK attd looal levels, through fiv¢ area Branches. The five Branchcs oiEanis¢ public meetings in wintei., assist in proinoting sailings and carry on fund raising in summei.. Members also assist with vami511ing Waverlcy's woodwork in a shoreside workshop. The five Branch Coinmitt¢¢s are givcn delegated authority ovei. 21Y/o of tlie subscription income attributed to their areas. Society Finaneial St#tements and Membership The So¢iety Financial Stal¢ments foi. the year to 31 October 2025 show a net in¢om¢ of £139,876, coinpai'ed to a net in¢otne of £360,566 th¢ year to 31 October 2024. At 31 Octobcr 2025 the unrestricted funds of the So¢i¢ty coinprised the General Fund standing at £92,563 (2024 £70,550), the Restoi'ation and Pftrservation Fund (General division) standing at £805,135 (2024 - £675,920), the Restoi'ation and Presei'vation Fund (P.S. Kingswear Castle division) standing at £245,431 (2024- £258,036) and parl of the Ai'chive D¢v¢lopmcttt Fund standing at £55,006 (2024 - £60,000). P&ge 6 The PAdill¢ SleAnier Pi'e¥ervatioti Society Repoi'l of the Tru$teos for the Year Elided 31 October 2025 The I'esti-ictcd funds comprised the Resloi'ation and Pi'eservalion Fiind (General division) at £11,700 (2024- £5,655), the Resloi'ation aiid Preservation Fuiid (P.S. Kingsweai. Castlc division) standing at £7,966 (2024 £7,967) aTid pai'l of Il)e Arcliive Developineiit Fund standing at £791 (2024 - £770). Full details of fiind balanccs and inoveinents are given irt Ilie Notes lo tlie financial Statctnciils. Iti alloealing expenditui'e frotn fuiids, the Society's policy is to Lise applicablc resti'icted tuiids bcloi'¢ unresli'ictcd fui)ds. 'Ihis has I'esulied in low balai)¢es of the r¢stricted fiitids but does ensure that resoiiires are used pi'omptly to fulfil donors. wishes. The Society is foitun&te Éo benefit from sometimes very substantial bcquesls fioin its ineinbets and suppoitei's and in 2025 £115,139 was received (2024 - £339.826). Grtsup Financial Statement$ Foi. the ycar ended 31 Octobci. 2025 the group l)ad a net deficit of £9,909 (2024 - sui'plus of £939,154). Voluntary Workforce The Society has no paid employe¢s, so its achieveinents reflect ni¢mb¢rs' voluiitsry efforts. These cover a wide l'ange of skills and are essential to the continucd successful operatioii of tli¢ Society. The Council of Manag¢m¢nl gratefully ackiiowledg¢s all contributions great and sinall. Reserves Policy The Society lias four main reasoi)s to hold reserve5-. To Inaintain the operation of thc Society. Tlie Council of Management has set this sum at £50,000. At 31 Octobei. 2025 £50,000 was available. To continue th¢ preservation and d¢velopment of its Archive Collection. The Council of Manageinent has set this sum at £60,000 to be held in th¢ Ai'chive Develowneiit Fund. Ai 31 October 2025 £55,006 was available. To provide for the refit or repair of P.S. Waverley should WSN noi Iiave funds to do so. The Council of Management believes this resetve should be at l¢a5t £700.000. £852,064 was available at 31 October 2025. To pi'ovide for future works to P.S. Kingswear Casile. At 31 October 2025 £253,397 was availablc. iv. InvLstmenl Policy In accordance witl) the Articlcs of As£ociation the trustees havethe power to invest inonies of the Society not imm¢diately rcquired foi. its purpose in such investments aiid sccurili¢s as they see fit. StwlemeDt Risk Th¢ trustees hav¢ produced a Risk Registcr setting out the risks to which the Society is exposed and appiDpriate risk maiiagement strategies. Pi'ogress is monitored against the Risk Regisler on a regular basis and a compi'ehensive I'eview is carried out on an annual basis. Fundr#Ssing Th¢ Society has not adopted a forn]al fundi'aising policy. However, its fundraising efforts. wliich are all volunteer-led, ar¢ largely directed towaiyls its meinbers. The oiily exception has been ihe promotion of special cruiscs on Waverley and Kiiigswear Castle and selling lottery tickets to Waverley passengers. New membei's are i'¢cruited by us¢ of leaflets, thi'ough the Society's website and social media channels. Tlie Society organiscd two successful fund-raising Chaiters on Waverley. On 22 July Waverley gave an evei)ing cruise Round Butc whieh nettcd £4.742, while on 20 August sl)e cruised tAich Lon8 and Loch Goil netting £13,912. Special cruis¢s on KingsweRr Castle al'e now organised by PSKCT. The other major fund-raising effort for Waverley was the two Grand Draws, which attracted combincd ticket sales of £31.3 80. The whol¢ amount was paid to WSN. whicl) donated many of the prizes. The rcmainder of the prizes and expeiises were funded by the S¢ottish and London & Home Counties Branches. Page 7 'I'he Pa(Iille S'teamey Pre8ei'vatioii Society Repoi't nf the Trustees for the Yeai. Li nded 31 October 2025 Meml)eYship 'I"li¢ Saciely's Inembcrship stood at 2,411011 31 Octobei. 2025 (31 October 2024- 2,457) made up as shown- Londoii and Hoine Couiities Noitli of Eiigland and Noith Walcs Bris101 Chaniicl Wessex and Dait Scottish Total Full 144 242 400 130 1,029 Seiiior 104 174 44 221 89 632 Associate 70 43 168 67 459 Young Persons 12 29 Life 35 84 18 61 38 236 Honoi'ary Total 16 26 363 617 223 878 330 2.411 There was a slight reduction of 46 m¢inb¢rs dui'in8 the year, a fall of1.90/0. Public Meetings 22 public m¢¢lings about paddle steamer subjects were held at 10 locktion8 around the coiiThtry during 2024-25. These al'e organised by the Society's five bl'anches in easily ac¢¢ssible locations. Regi'cttably, il was not P055ibl¢ to wiitinuc our pyogramme of online presentations, due to the lack of a suitably skilled volunteer. Communieation The So¢i¢ty communioates to its metnbers by publishing a quarterly Joumal Paddle Wheels. This is a full colour A4 format magazine edited by John Allen. The society also Commuiiicates with non-members through its website {1￿￿..1￿". IddlestC11 iii¢r%.ot' its social media accounts and ils You Tube Channel. All of these contitiued io be updated r¢gul8rly with news about our ships and feature articles aiid postings of wider paddle steamer iiitei'est. STATEMENT or( TRbSTEES Rfi.SPONSIBILITIES The trustees (who are &lso thc directors of The Paddle St¢amer Preservation Society for the purposes of company law) are responsibl¢ for preparing the Report of the Trustees and the financial statements in accol￿ance with applicable law and United Kingdom Accounting Standai'ds (United Kingdoin Generally Accepted Accounting Practiee), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republfftc of Ireland" Comp*Triiy law requires the tnjstees to prepare finanoial statements for ea¢h financial year wliich give a true and fair view of the state of affairs of the cl)aritable company and of the incoming resources and applic&tiou of i'esour¢es, including the incoine and expenditui'e, of the charitable Company for thal period. In prepai'ing those financial statements, the trustees arc rcquii'ed to select suitable accounting policies and then apply th¢in consistently. obsei've the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and pi'udernt. stat¢ whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finan¢ial statements. pi'epare the financial statements on the going concern basis unless it is inappropriate lo pr¢sum¢ that the charitable company will continue in busine55. Page 8 The Paddle Steamer Preservatioii Society Report of tbe Trustees for the Year Ended 31 October 2025 The ti'uslees air responsiblc foi. keeping piopei. accoiintiiig Ircoi'ds which disclose with reasoiiable aecui'&cy at any lim¢ tlic fiiiancial positioii uf the cliai'itable coinpai)y and to enabl¢ Ihein ¢0 ciisui'¢ that tlie finaiicial stalenieiits coinply with tlic Coinpai)ies Act 2006. They are also r¢sponsible foi'.%afeguarding Ilic assets of the chai'itablc ¢oinpaiiy aiid hciiee foi. taking rea8oiiable steps for tlie preventioi) aiid detection of fraud aiid oihci. iri'egulai'ities. In so far as tlie trustees are awai'e.. tl)ere is no relevant audit infoi'ination of which Ihc charitable coRnpany's auditors are unawai'e; aiid tlie tiustccs l)&ve taken all steps tliet they ought lo have taken to Inake themselves aware of any relevaiit audit infoi'malioii and to eslablisli Ilial tl)e auditors ai'c aware ()f that information. AUDITORS The auditors, Hend¢Kson & Company, will be proposed for r¢-appointment al the forthcoming Annual Gencral Meeting. Report of the trustees, incorpoi'ating a strategie report. appi'oved by order of the board of trustces, as Ilie company dire¢toi's, on 27th June 2026 and signed on tlic board's behalf by.. Pcter Morley Company S¢¢i'¢lary aiid Trustee Page 9 Repofft't tsf tbe Iii(lei)eiiilent Auililor$ to thc Trustee4 and Members of The Paddle S'teamer Preseivatioii Society Opinion We have audited the fiiiancial statements of Tlie Paddle Steamer Presei'vation Society (the'charilable con)paiiy') for tl)e yeay ei)ded 31 October 2025 wliicli comprise the groiip Riid parent charitable eoinpany %l&tement of Financial Aelivilies (iii¢oi'porating tlie iiicome aiid expendiliii'c ae¢oui)l), tlie gi'oup and par¢nl cliai'ilablc COEtipany Stateinent of finan¢ial Position, tlic group Statemeiit of Cash Flows and i)otes lo tlie finallliul statements, iiicluiling a siiiniiiaiy of sigiiifi¢aiil a¢couiitllig policies. Tlie finftncial reportsng fixinewoi'k that has been applied in tlieii. prepai'atioii is applicable law and Uiiited Kitigdom Accounting Standards (Unitcd Kiiigdoin Genei'ally Accepted Accounliiig Pi'a¢Éfftce). In our opiiiion the fin8iicial stat¢ments'. give a Ii'ue at]d fatr view of tlie state of tlie w'oup and pai'ei)t chai'itable coinp2ny's affaii's as at 31 Oetober 2025 and of the gioup and paitnt chai'itable coinpany's incoining i-esour¢es aiid application of rcsour¢es, iiicludffing tlie group and pai'ent charitable ¢oinpany's iiicoine ai)d expenditure, for the yeai. Ihen ended. have beeii propei'ly prepared in accordaiice with United Kingdotn Generally Acccptcd A¢coiinting Practice; and liave been prcparcd in ac¢oi'd&nce witli the requirements of Ilie Compani¢s Act 2006, the Charities Act 2011, the Charities and Ti'ustee Investtnent (Scotland) A¢t 2005 and regulalion 8 of the Charities Accounts (Scotland) Regulations 2006. Basis for Opillion We conducted our audit in ac¢ordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our rcsponsibilitics under those standards ait fuither described in the Auditors responsibilities foi. the audit of the f￿ancial slut¢m¢nts sectloll of oui. report. We are independent of thc group and parent charitable compaiiy in accordallce with th¢ ethical r¢quirements that w'e relevant to our audil of the financial stalemeiils in the UK, including the FRC'S F,thical,Siandard, and we have fulfilled our othcr cthical r¢8ponsibilities in accoi'dance ivith thes¢ requirements. We believe that tl)e audit evidence we have obtained is sufficiei)t and appi'opriate to pi'ovide a basis for our opinion. CottelusÉons relating to Going Conceyn In auditiiig the finanoial statement5, w¢ have concluded that the directoi's, use of the going concern basis of ac¢ounting iii the pi'eparation of the financial slalements is appropriate. Based on tlie work we have perfOl￿ed, we have not identified any iyjaterial uncertainties relating to events orconditions that, iiidividually or collectivcly. Inay cast significant doubt on the charitable company's ability to continue as a going concern foi. a period of at least twelve months from when the financial statements are authori%d for issue. Our rcsponsibilities and ih¢ r¢sponsibilities of the directo}7 with respect to going Concern are described in the relevant sections of this report. Other Information The trustees arc responsible for thc other infoi'mation. The otlier infornialion ¢omprises the inforniation included in the annual r¢port, other than the financial statements and our Report of the Irtdcpendent Auditors the￿on. Our opinion on the financial statements does not cover th¢ other inforniation and we do not expi'ess any fonn of a5suranoe conclusion thereon. lil conneetion with our audit of the financial statemenls. oui- responsibility is to read the other information and, in doing so. considei- wheih¢r the other infomation is materially inconsist¢nt with the financial stst¢menls or our knowledg¢ obiained in the audit oi. othcrwi8e appears to be materially mibslaled. If. based oil the work we have perfonncd, we conclude thnt Iherc is a material misstatement of this oihei- information. we are required to report that fact. We have nothing to report in this regard. Opinionl Page 10 Re.port of Élle Inilei)ciidcnt Auditihrs to the TT'IEStees Anil Membei-s of 'I'lie I)￿ddle Steamer Preservation Soeiety Opiniaii on Other Matters Prescribed by tlie Companie5 Aet 2006 li) oui. opiiiioii, based on Il)e woi'k undeitaken iii the cour5¢ of the audit.. tlie infoiinatioii giveii iii tlie Repoi'l of Il)e Trustees for the linaiicial year foi. whiol) the fiiiEtncial slateincnls aiE pi'epared is coiisi51ent witl) the fiiiancial 5tateinenls,' ai)d tlie Repoit of tlie Truslees lias becn pi'epared ii) accordance with applicabl¢ legal requii'eIneiits. Matters on Wliich We ayo Reqllii'ed to Report by xception li) the lighi of the knowledge ai)d understaiiding of the group aiid parent chai'ilable ¢oinpany and ils envii'oiiinent obtaincd in the coiiise of the aiidit, we l)ave iiot ideiitified Imaterial misstatements in tlic Repor( of the Ti'ustees. We have nod)ing lo Itpoit in respect of the followii)g mattel's where tlie Coiiipani¢s Acl 2006 and tlic Cliarities Aceounts (Scotlaiid) Rcgiilalionq 2006 (&s amcnded) requii¢s us to i'eport to you if, in oiii. opiiiion.. the parent charitable company ha5 not kept proper and adcquatc ac¢ountliig i'ecoi'ds or retums adequate for oui. aLidit have not been received from bran¢l)¢s not visited by us. or thc parent charitable company fii)ancial statements al'e not in agreement with the accounting records and retuiiis. 01- ¢ertain disclosures of ti'ustees, remuneration specified by law ar¢ not made. or we have not received all the infoi'mation and explanations we require for our audit. Responsibilities of Trustees As explained rrLOI'e fully in the 8tateinent of Trustees Respoiisibililies, the trust¢C5 (who are also tlie dircctors ofthe chai'itable company foi- the purposes of coinpany law) are Irsponsible foi. thc prcparation of the finaiicial statements and for being Satisfied tlial they give a ts'ue ai)d fair view, and lor su¢h intei'nal eontsoj as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud OT ¢rror. In prepai'ing the financial slatements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, a5 applicable, Inatters related to going ¢on¢ern and usingthe goingconcei'n basis of accounliiig unless the ti'ustees eidiey iiitend to liquidatc the charitable company or to eease operations. or have no realistic altemative but to do so. Our Responyibilities for the Audit of the Financial Statements We havc been appointed auditoi. under sectioi) 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and linder tlie Coinpanies Act 2006 and report in accordance with the Acts and relevant i'egulations made oi. having ¢ffe¢t Ihereunder. Oui. objectives are to obtain reasonable assuraiice about whether the financial stat¢m¢nts as a wliole are free from material misstdtemenl, wliether due to fraud or etTor, and to issue a Report of the Independent Auditors that includes our opinion. Reasoiiable 88surance i5 a high level of assui'anLe, but is not a guarantee that an audit coilductcd in accordance witli ISAS (UK) will always detcct a inatei'ial misstat¢ment wh¢n it exists. Misslateinents can aris¢ from fraud or error and air considcred inaterial if, individually oi. in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financi&l stalemenls. Irregularities, including fr&ud, al'e instances of non-compliance with laws atid rcgulatioiis. We design pro¢¢dur¢s lin¢ with oui. responsibilities outlined above, to delect matei'ial misstatements in resp¢¢t of iiyegulariti¢s, including fraud as detailed below. We ¢onsidcr¢d the opportunities and incentives that may exist within the organisation for fi'aud. We reviewcd all unii.qual jouinal entries and assessed whether judgements aiid a£8umptions made in deterniining accounting estimates wcre ii)dicative of potential bias. We reviewed th¢ financial statement disclosures and tested balances to supporting documentation. We assessed the extent of compliance with laws and regulations identified througli making enquiries of management and inspeoting legal correspondence. Therel Page 11 Rei)oR't of the [￿11e1)ell(lQnt Aiiilitors to tlte Ti'iJ5tees &ind Membeis of The Paddle Steamer Preseivatioll Society Tliere are inlierent limitations oiii. audit proeediitts described above. The moi'c Irinoved the laThis aiTrd I'egiilatioiis al'e fii)In fiii&n¢ial ti.2iisttctioiis, the le55 likely it is that we would beeoi)ie aw81'e of iion-coinpliaiiee. Aliditiiig standards a150 liinit tl)e audit pio¢edui'es I'equired to identify non-compliancc willi laws and regulatioiis to enqltiry of the diieclors and otl)er i)iaiiagemeiit and iiispeciion of regiilalory and legal cori'espondence if &iiy. A furtl)ei' desci'iplioii of oui. I'espoiisibilities for the audit of the finaii¢ial stateEMei)Is is located 011 thc fiiiancial Reporting Couiicil's w¢bsile at www.frc.org.uklauditorsresponsibilities. This desci-iption foi'ÈMs pait of oui. Report of thc Independeiit Aiiditoi's. Use of Oiir Report This repoi'l is Inade solely to tlie parent cliai'itable ¢omp8ny's meinbers, as a body. in accordaiice witl) Ch8Ptei' 3 of Parl 16 of the Coillpanies Act 2006, and to the charitabl¢ compaiiy's tiustces, as a body, in accordance willi Sec¢ion 44(1)(c) of the Charities and 'fru5tee liivesttneiit (Seotlai)d) Aot 2005 and i'cgulation l O of the Chai'ili¢5 A¢¢ounts {Scotland) Regulatioiis 2006. Our audit work has been undcilaken so that we might stale to tlie charitable coinpany's membei's and Irust¢es those Inattei's we are required to state to theiD in an auditors, report aiid foi. no other purpose. To tlie fullest extent permitted by law, we do not accept or assuine i'esponsibility to anyone othei. thai) Ihe pai'ent Charitable company and tlie parent charitabl¢ Company's membei's and parent cliarilable company's liustces as abody. foi'our audit work, for tliis IEpoit. or foi. the opinions we have foi'med. Jolin Hendei'8on (Senior Statutory Auditor) ror and on behalf of Henderson & Company, Statutory Auditoi. ligible to act as an audi¢or in terms of Seclion 1212 of Ihc Companies Act 2006 73 Union StIEet Greenock R¢nfi'ewsl)ire PA16 8BG 29 June 2026 Page 12 Tlie Paddle Stekinei. Pi'eseivatioit Soeiety Pai'eiit Comi)#iiy Statemeiit ot. Financial Activities (Incorporating #n lileome fi xpenditui-e Aeeount) for tlie Year Ei nded 31 October 2025 31.10.25 Total funds 3]. 10.24 Tolul Juk7ds Uiii'esli-icted flind Resti'icted fuiid Notes Dollalions ai)d Icgacies 175.822 46,556 222.378 435, OJ6 Chai'itable activities Chai'itable Rctivities 35,655 35,655 18,9Q5 Ti'ading activilies 34,011 34,011 21.945 Investmeiit incoine 822 26.87l 23,090 Total Incotne 271,537 47,378 318,915 499.556 EXPENDITURE ON Trading activities (22.091) (22.091) [12,391) Charitable Activities Chai-itable activities (107,075) {41,313) (148,388) (120.988) Other costs Total Expenditure (137.408) (41,313) (178,721) (J41,029) Net (lO￿e5)Iga1￿5 on investments (318) (318) 2.039 NET INCOMEI(EXPENDITURE) 133,811 6,065 139,876 300.566 RECONCILtATION OF FUNDS Total funds brought forward 1,197,824 14,392 1,212,216 851,650 TOTAL FUNDS CARRIED FORWARD 1331.635 1,352 092 1,212,2J6 All gAins and losses recognised iii the year are included above aiid all d¢i'ived from continuing activities. The notes forn] part of these fsnancial stat¢ments Page 13 The Paddle SteAtner Prcseivafion Society Collsolidated Statement of Finan¢i#l Aetivities (Incoi-porating an Income xi)eiiditure Account) fo). tlie Yeai. Elided 31 Ocfobei. 2025 31.10.25 Total futjds 31.10.24 Tolal .fiinds Unrestrieted nd Restt'ieted fiind Notes Doiiatioiis aiid legacics 485,650 46.784 532,434 J,J84.474 Charitable activities Chai'ilable activiti¢s 3,618,435 3,618,435 3,515,935 Tradiiig activities 1,374,827 1.374,827 1,246.260 Iiivestment income 121,827 2,669 124,496 105.226 Total Income 5,600,739 49,453 5,650,192 6,051,895 XPENDITURE ON Trading activities (853,790) (853,790) (828.103) Charitable activities Charitable activities (3,886,584) (372.340) (4,258.924) (3, 748.203) Govenianc¢ costs (14,641) (14.641) (13,550) Maiiagement and adminislration 532.428) 532 428 524.924 Total fi xpenditure 5 287.443) 372,340) 5,659.783) 5,JJ4, 780 Net (losses)Igains on InV￿tments {318) (318) 2, 03P NKT INCOMEIIEXPENDITURfi ) 312,978 {322,887) {9,909) 939, 154 RECONCILIATION OF FUNDS Tot*1 funds brought foiivard 4.392.937 2,420.785 6,813,722 5.874,568 TOTAL FUNDS CARRIED FORWARD 4 705 915 2 097 898 6803 $13 6.813. 722 All gains and losses recognised In the year are included above and all are derived from continuing activiti¢$. The notes foiin part of these fLnancial statements P88e 14 Tlie P#dille Steamer Preservation Soeiety (Registei'ed Nun)bei' 02167853) Parent Coinpany Statement of Fiiiiiieial l)osit*oii At 31 October 2025 31.10.25 31,lQ.24 Notes FIXED ASSETS Heritage assets Pi'ogi'amine related investmei)ts Other investments 12 14 140,441 1,184 19,973 139,941 118,385 20,291 161,598 278.617 CIJRREI f4T ASSETS Dcbio Cash at bank 17 389,065 867,360 396, 697 7] 7,045 ,256,425 1,113, 742 CREDITORS iiounls falling due within one yeai. 18 41,326) Tr4ET CURRENT ASSII TS 1215,099 1,076,293 TOTAL ASSETS LESS CURRENT LIABILITIES 1,376,697 1,354,910 CREDrroRS Amounts falling due after moye than one yeai. Provision for grant liabiliti¢s Provision for doubtthl debis 19 20 (9,886) (14,719) ,856) (15,637) 117,201 NET ASSlI TS 1352.092 1.212.216 CAPITAL AI4D RESERVES Re5tri¢led funds General funds Restoration and preservation fund Ar¢hive development fund Revaluation reserve Museum collection r¢serve 22 22 22 22 22 22 20,457 92.563 1,050.566 55,006 19,449 114051 14,392 70,550 933, 956 60, 000 19, 767 113,55] 1352 092 1,212,216 The finaiicial statements were appmved by the Board of Ti'ustees on 27 June 2026 and were sigtted on its behalf by: ML2L• Martin Longhursl Trustee The ttot¢s forni part of these fthancial statements Page 15 The Paddle Ste#niei' Pre8crvation S()ciety (Registei'ed Nuinber: 021678.$3) Consolidated Statement of Financial Position At 31 October 2025 31.10.25 31. 10.24 Trlotes FIXEI D ASSEI TS Hei'itagc assets Taiigiblc assets Piograini))e I'elaled ii)veslineiits other iiivestineiit5 12 13 14 15 140,44 2,916,132 1,078 19,973 139,941 3, Q22, 663 1,078 2U.291 3,077,624 3, 183. 973 CURRETr4T ASSETS Stocks Debiors Cash at bank 16 17 95,684 528,457 3 797,882 75.687 560,465 3, 725,059 4,422,023 4.361,211 CREDITORS Amounts falling duc within one yeai. 18 685 948) 721,606 NET CURRENT ASSETS 3 736,075 3,639,605 TOTAL ASSEI TS LESS CURRENT LIABILITIES 6,813,699 6,823.578 C￿1 DITORS Amounts falling due after moiE tlian one year 19 NET ASSETS 6,803 813 6,813. 722 CAPITAL AND RESERVES Restricted funds General funds Restoi'ation and preservation fund Archive development fund Rcvalu8tion reserve Museum collection reserve Otl)er i'eserves 22 22 22 22 22 22 22 2.097,898 3,035.178 1,050,566 55,006 19,449 114,05 R 431665 2,420, 785 2,833,998 933,956 60, 000 J9,767 113.551 451,605 6 803,813 6,813, 722 The financial statements were approved by the Board of Trustees on 27 June 2026 and were sigll¢d on its behalf by.. vtL 0 Maitin Longhurst Truste¢ The notes form part of these financial slat¢m¢nts Page 16 The Pa(Idle Steiinier Pl.￿erVAtio]I Society Consolidated Statement of Cash Flows foi. the Year nded 3] Oetober 2025 31.10.25 3J.111.24 Notes Casli tlows fi'om operating activities: Casli gencraled fi'om opei'atioiis 251 656 783,874 Net cash provided by (used in) oi)erating activities 251,656 783,874 Casli flows from inv￿li￿g aetivities: Purcliase ofi)eritage assets Piii'chase of fixed as5els ltttei'est received (227) (303,329) 124496 105,226 Net cash provided by (used in) investillg activities 178 833) 104,999 Change in cash and eAsh equivalents in the reporting period Cash and cash equivalents at the beoi]kning of the reporting period 72,823 888,873 3 725,059 2,836, 186 Cash and c#8h equivalents At the end of the reporting period 3 797 882 3, 725,059 The notes forni part of these financial statements Page 17 Tlie Pa(Idle Steamer Preseivation So¢tety Notey to the Collsolidated Statemeitt of Cash Floivs for the Year Ei nded 31 October 2025 RIICONCILIATION OF NET INCOMlIl(EXPENDITURCI) TO NIIT CASH FLOW fROM OPEI RATING AcfIviTIFS 31.10,25 3J.10.24 Net incomel(expeiiditui'e) for the reporting period (as per the st*temeDt of finaneial activities) Adjustments foi.: Dcpi'cciation cliaiEes tA)SS 01) disposal of fixed a55Cts Donated hei'itage asset LA)$51{Gain} on iThvcstments liilcrcst r￿e1ved Inci'eas¢ in stocks Decreasel(Increase) in debtors (De¢rease)Ilncrease in creditoi's (9,909) 93P,J54 303.410 106,450 (500) 318 (124,496) (19,997) 32,008 35,628) 266,975 (3,000) (2.039) (J05,226) Q5. 932) (419,370) J33,312 Net cash provided by (used in) Trperating activitle8 251656 783.874 ANALYSIS OF CHANGES IN NET FUNDS At 31.10.24 Cash flow At31.10.25 Net cash Casli al bank 3 725,059 3,797,882 Page 18 The P&(Idle Steainer Preseiwatioii Society Notes to the Financial St>)tements for the Year EJ]ded 31 October 2025 ACCOUNTING POLICIES Basis o( pi'epkiring tlie financial statenientS T]ie financial statcmciits of tl)e charitable coinpany, wliich is a piiblic benefit eiititli Lindei. FRS 102, have bccii pi'cpdr¥d in accoi'daiice will) the Chai'ities SORP IFRS 102) 'Aecounting and Repoi'liiig by Charities.. Slalcinenl of Re¢oininendcd Pra¢tiee applicable to charities prepai'ing Iheii. accounts in accordaiice with the Finai)¢ial Reporliiig Staiidard applicable li) tl)e UK and Repiiblic of Ii'eland (FRS 102), Fiiiaiicial Rcpoiting Standard 102 'The Financial Reportillg Staiidai'd applicable in the UK aiid Repiiblic of Irelaiid, aild tl)e Coinpanies Act 2006. Thes¢ fiiiancial stateinents al'e pi'esentcd in poui)ds sterling (GBP) as that is the curreiicy in which tlie company's transaclioiis are denoiniiialcd. The accounts have beeii pi'epaitd 01) a going concei'n basis und¢i' the Iiistoi'ical Lust coiiveiition with Il)e exception of investmenls wliich are ii)cluded at market value. Loans to Wavcrley Steam Navigation Compaiiy are shown at theii. full value within Total Assets of the Parent Company altliough a full doubtful debt provisioii had bccn made 4md included in Liabilities, I'eflecting Ilie fair value of these loans in previous years. Tliese loans were conveited into gi'ants dui'ing tli¢ ¢urrent financial yeai.. BASIS of Consolidation Jlie financial statcments ¢onsolidate the rc5ults of the chai'itable campany and its subsidiaries on a line by line baqi8. Intercompany ti'ansactions and bdlall¢¢s b¢lw¢en group companies are elitninalcd in full. Figurcs labelled &s Parellt Company oi. Society iiiclude transactions of th¢ Society alone. The gi'oup comprises the Paddle Steatnci. Preservation Society. Paddle Steamer Kingsw¢ar Castle Trus¢ WaY¢rl¢y Steam Navigation Co Limited and Waverley Exciirsions Limited. Goi]kg concern Tlie accounts have been prepared on a going concern basis as the b'uslecs are of the opinion that the gi'oup and charity can continu¢ to meet ils oblig&tions as they fall due foi. the foreseeable future. The group has a strong cash position At 31 October 2025 as shown on the Statem¢nt of Financial Position. Income All incom¢ is i'ecognised in th¢ Statement of Financial Activities once the charity lias entitlement to thc fund& it is probable that tlie income will b¢ received and the ainount can be measw'ed itliably. EXpendIt￿re Liabilities are recogni5ed as expenditure as soon as there is a legal or collstru¢tiv¢ obligation eommitting the charity lo that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligFation can be measured reliably. Expendi￿rC is accaunted for on an accruals basis aiid has becn classificd under headings that aggregate all costs Y¢lated to the categoiy. Where cost5 cannot bc directly attributed to p&rti¢ular headings ihey have been allo¢at¢d to activities oil & basis con51slent with the use of resources. Allocation and apportionment of costs Costs of raising tunds comprise the costs of Commercial trading on board P.S. Wavei'ley, including merchandising. the dining and eatei'ing facilities, bar and their associated support ¢osts. Expenditure on charitable activities includes the costs of operating 2nd preserving PS. Wavei'ley, P.S. Kingswear Castle alld activities undertaken lo further the purposes of th¢ charities and their associated support costs. Support cosls are those functions that assist the work of the charftty bu¢ do not directly undertake charitable a¢tLVlties. Suppoit costs include office cosls, finance, personnel. payroll and governanee costs which support the ¢harities' activities iii relation to P.S. Waverley. Herita2e ossets The Collection was i'evalued at l January 2020 and is subject lo an annual imp&irnieiit review. Donated it¢ms are recognised at their estimated fair value. Page 19 Tlie P8(Idle Steanier Preseivation Soeicty Notes tn the FinaneiAI Statements- eontinued for tbe Year Ended 31 Oetober 2025 ACCOUNTING POLICIES- continueil Tangible fixed assets Depi-eciation is provided at thc following aiiiiual rates in ol'der to wi-ite off eacli asset ovei. its estimated useful life, Plant and Equipii)enl for Vessels 40/0 - l 00/0 Sti'aight lin¢ P.S. Wavei'ley 4¢/0 Straight liiie P.S. Icingswear Castle I'efit Costs 40/0 Straight liiie Motoi. Veliicl¢s 20 /0 Straight line o(rice Eqiiipin¢nt 15 % straight line Investments Progt7inme I'elated investments arc iTLclud¢d at their nominal value oi. historical cost le55 Èmpaii'inent. Investments held to generate ineonie or for their investment pot¢ntial are valued at fair value. Gains and losses are I'ecognised in Ihe year they arise. Unrealised gains or losses al'e added to or deducted from the Fund lo which the investmerkt relates aiid the total is shown in ft Revaluation Reserve. Stocks Stocks are valued at tlie lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. TaxAtion The charity is exempt from corporation tax on its charitable activities. Fund y4ccollnting Unrestricted fi]nds can be used in a¢¢ordance with the ch￿.1¢&ble objectives at the dis¢retion of the trustees. Rcstricted funds can only be used for particular rests'icted purposes within the objects of the charity. Restrictlolls -iK when specificd by the donor or when funds a¢r I'aised for particular restricted purposes. Further explaiiation of the nature and pu)yose of ¢ach flwd is included in the notes to the fAn&ncial statements. Annual membershlp subscriptions As the subscription year runs trom August to July foi. the bulk of members, this income is appoitioned between th¢ appropriate financi&l years. Life membership equalisation aceounl Life membcrship subscriptions are credited to this account upon receipt and a￿ then recognised as income in ¢qiial instalments over 20 years. Grants Liabilitlcs arising from gr&nt cominitments made by the Society are recognised by creating a provision p¢nding the fiilfilment of conditions al which point the obligation becomes binding. Penslon eosts and other post-retirement benefits The group operates a defined Contribution pension schenie. Contributions payable to the group's pension scheme are charged to expendilw'e in the period to which they relate. Cash at Bank and in HAnd Cash at bank and cash in hand includes cash and shoit term highly liquid investments with a sliort maturity of three months or less from the date of acquisition oi. opening of thc deposit or similai. account. Page 20 Tlie Pk£ldle Ste%mei' l)re5eiwati¢)ii Soeiety Note$ to the Finaneial Statements - continued foi. the Yeai. Eiidcd 31 O¢tober 2025 ACCOUNTING POLicifi S- conti11u￿1 DebtOl'S I'i-dd¥ aiid other debtors are I'ecognised at the settlement ainount due after aiiy discouiits offei'ed. Creditors Ci'editois aty recogniscd where tlie charity l)as a pyesenl obligatioii resultii)g from & past event that will rcsult in tlie traiisfei. of funds to a third party and the amoui)t due to settle ihc obligalion can be measiired oi- estimated reliably. Ci'editors are reeognised at Iheii. settleinei)t amouiit aftei. allowing for any discoui)Is. Finaneial Instrumellts The charity only has financial ass¢ts and finaiicial liabilities of a kind tliat qualify as basic fiiiancial insli'uinents. Basic financial in5tlllinents are iiiitially recogiiised at transa¢lioi) valuc a]id subsequently measui'ed at tlieii. settlement value with the exceptioii of loans wliicli are subseqiiently measured at amoit15cd cost using the effcctive interest method. Significant Judgments and Estimates In th¢ application of the Coixpany's accounting policies, the ti'iistees are required to Inakc judg¢ments, estiinates and assuinptions about the eaiiying values of assets and liabilitics that al'e not readily apparent fvom other soui'ces. Tl)e estiiiiates and underlying assumptions al'e based 011 histoi'ical experienee and other factors that are considcred to be i'elevallt. Actual results may differ froin th¢se estiinales. The estimates and underlying assumptions are reviewed oil an ongoing basis. Revisions to accountiiig estimates are recognised in the period in which the ¢stimats is revised if the r¢vision affects both ourrent and future p¢riods. Th¢ trustees are satisfied that the accounting policies are appiY)priate and applied consistently. Critical judgeinents al'e made in ihe application of income recognition accounting polici&%, and the timing of the i'ecognition incom¢ in accordan¢e with the Charities SORP (FRS 102). DONATIONS AND LEGACIES Group 31.10,25 Total 31.10.24 Tolal Unrestricted Restricted Membersliip Subscriptions Donations L¢gacies 45,042 283.270 157,338 45,042 330,054 157338 45,675 289,896 848.903 46,784 485.650 46.784 532 434 1.184.474 Society 31.10.25 Total 31.JO.24 Tolal Unreslricied Resiricted Membership subscriptions Donations Legacies 45.042 15.641 115.139 45,042 62,197 115,139 45.675 49.515 339,826 46.556 175.822 46,556 222,378 435.016 Pag¢21 The Paddle Steartier Pyeservatioii Siiciety Notes to the FinaMcÈal StAtemellts- Continued for the Year Ended 31 October 2025 TRADING ACTIVITIES Group 31.10.25 Jl.JQ.24 Lotteiy sales Othei. h8dii)g activities Shop sales Bar and cate¥ing i'evenue 31,380 2,631 296,460 1,044 356 J9.71J 2,234 283,308 941,007 1374 827 1,246,260 Soelety 31.10.25 31. JO.24 Lottery sale5 Other tradittg activities 31,380 19.7Jl 2.234 21,945 INCOME FROM CHARITABLE ACTIVITIES Group 31.10.25 31. 10.24 Sailing revenue Charter Pee Other Income 3,552,887 27,276 3,4t56,569 26,6Jl 22, 755 3 618.435 3,515.935 Society 31.10.25 31.10.24 Other ill¢ome J8,905 TRADING ACTIVITIES Group 31.10.25 31.JO.24 Purchases Staff casts Other coyis 465,905 255,016 132 869 424,032 278,5tll 125,570 853 790 828, 193 Soei¢ty 31.10.25 31. 10.24 Other costs 22,091 12,391 Page 22 I'he Paddle Steam¢r Preservalioii Society Notes to the Finaneial Statements- contillued foy the Year Ei nded 31 OelTrber 2025 CHARITABLE ACTIVITIES COSTS Group-year ended 31 Oetober 2025 Direct costs Support costs (See note 7) Totals Staff costs Ship I'epair and operating costs Depreciation Loss on disposal of fixed a5S¢tS Paddle wheels journals aiid newslettei's Archive collcctioi) Public nic¢tings Governance Costs Management and adininistration 767,681 3,036,958 303,410 106,480 19,226 20,018 5,151 767,681 3,036,958 303,410 106,480 19,226 20,018 5,151 14,641 532.428 14,641 532 428 4 258,924 547 069 4 805,993 Group- year ended 31 October 2024 Direct costs Suppoit costs (See note 7) Total Staff costs Sliip Irpair and operating costs D¢pre¢iation Cirant foi. P.S. Medway Queen Paddle whce15 jouinals atkd i)ewslettei's Archive Loll¢¢lion Public mcctings Govcrnai)ee costs Management and administration 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 Society- year ended 31 October 2025 Unrestricted Funds Restricted Funds Total Grants foi. P.S. Waverley Grants for P.S. Kingswcar C2Stle Paddle Wlieels Journals and Newsletters Archivc Collection Public Meetings 42,480 20,200 19,226 20,018 32,030 9,283 74.510 29,483 19,226 20.018 5,151 107075 148,388 Page 23 Tlie Pad(Ile Steamer Preservatioll Society Notes to the Financial Stateinent5- COWltinued fov the Year E￿ded 31 October 2025 CHARITABLE ACTIVITIII S COSTS- continued Society- yeAr en(led 31 Octobei. 2024 Uni'cslri¢t¢d Funds Restricted Funds Total Gi'ants for P.S. Wavei'ley Gi'ants for P.S. Kiiigswear Castle Gi?iils for P.S. Medway Qiieen Paddle Wheels Joui'nals and Newsl¢ttei Arcliive Collection Public Meeting5 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 91.386 29,602 120,988 SUPPORT COSTS Group 31.10.25 31.10.24 Management Governance and costs administrntion Total activities Total aclivTties Auditors, remuneration Auditols, remuii¢ralion- non audit work Oih¢r professional f¢¢s Siaff costs Office costs Postage and stationeiy Fundraising ¢osts Oihei. costs 11,563 2,600 478 11,563 2,600 17,874 401,565 31.903 7,795 3,495 70,274 10.115 2,525 16,837 391,052 49,978 7.382 J5.593 53.992 17,396 401,565 31.903 7.795 3,495 532.428 547,069 538,474 Society 31.10.25 31.10.24 Management Govcrnance and costs administration Total activities Tolal aclivitEES Auditors. r¢muneration Otliei. costs 3,700 3.700 3, 600 4,050 8,242 8,242 7.050 Page 24 The Paddle Sfe%nieY Preseiwation Soeiety Notes tts the Fi118ncial St#tement5- COHtinued for the Year Ei nded 31 October 2025 NET INCOMEIl(EXPENDITURE) Group Nel incoinel(expeiiditure) is staled after chai'gingl{creditiiig): 31.10.25 3J. 10.24 Auditoi's, remuner&tion Aiiditors, i'cmunei'atioii for non audit work Depreciation owiied a55¢1s Loss on disposal of fixed dssets 11,563 2,600 303,410 106 450 10,J15 2.525 266.975 Soeicty Net in¢omel(expenditure) is stated aftei. chargingl(crediting): 31.10.25 3J. IQ.24 Auditors, remuneration 3,600 TRUSTEES, REI MUNKRATION AND BENEbI'rs All trustces of the Paddle Steamer Preservation Society operate 011 a voluiitary basis and al'e not remuneratcd foi. th¢ seivices which they providc. No person connected with a trustee received iEmunei'ation from the Society. Trustces and related paiti¢s contributed accuinulat¢d donations of £699 (2024- £724). Subsidiary Companies paid remuneration during the period to three of thetr dire¢toi's, two of whom werc trustees of thc Paddle Steamer Preservation Society, totalling £80.770 (2024 - £76,978). Payments to money puirhase pension scliemes on behalf of these dir¢ctotE totalled £2,201 (2024 - £2,201). Trustees, expenses Two Society trustees receivcd reimbui'semenls of travel and accommodation costs incurred in the ¢oui'se of their duties totalling £861 (2024 - £686 reiinbutsed to three trustees)- io. STAFF COSTS Grollp 31.10.25 3J.Jts.24 Wages and salaries Social 5¢curity costs Other pension costs Crew Hire Costs 688,543 71,783 18,696 645,240 626, 765 56. 760 16,J48 659,632 1424,262 1.359,305 The average monthly number of employe¢s duTing th¢ yekr was as follows: 31.10.25 28 31. 10.24 28 Satling Office staff and management 37 37 One employee receivcd reinunei'ation between £60,000 and £70,000 (2024 - 1 employee). Page 25 The Paddle Steamer Pi'eservation Society Notes to tlie Fiiiaiieial St#te]nents - continued foi. tlie Year Elided 31 Octobei. 2025 I I. COMITrARATtVlI S FOR TTrIE STATEMEI NT OF FINANCIAL ACTIVITIES GROUP 2024 Total funds Unrestrieted fund R¢511'i¢ted fund Notes INCOME Donlltions and legacies 1,167,496 16,978 1.184.474 ChArlt4ble Activities Cliaritable activities 3.515,935 3,515,935 Trading activities 1.246,260 1,246,260 Investment income 105,226 Total Ineome 6,018,493 33,402 6,051,895 EXPENDITURE ON Ti'adii)g acliviti¢s (828,103) (828.103) Charitable activities ch￿.]table activities (3,487.376) (260,827) (3,748,203) Governance wsts (13,550) (13,550) Management and administrntion 524 924 524 924 Total Expenditure (4,853,953) (260.827) (5.114.780) Net gainsl{losses) on Investmenls 2,039 2.039 NET INCOMEI(EXYEI¥IDITURE) 1.166,579 (227,425) 939,154 RECONCILIATION OF FUNDS Total funds brought forward 3,226,358 2.648,210 5,874.568 TOTAL FUNDS CARIUED FORWARD 4 392 937 2 420 785 6 813.722 Page 26 Tlie Paddle Steamer Preservati()TJ Soeiety Note$ to tbe Finaneial Stateinen¢s- continued for the Year ndod 31 October 2025 I I. COP￿PAliATIVEs FOR THE STATEMENT OF FINANCIAL AcfiviTJF soctETY 2024 Total funds Unrestricted fiind Resth'icted fiind Notes COME Donations and legacies 402,444 32,572 435.016 CharitAble activities Cliaritable aLlivities 18,905 1 $,905 Trading aetivities 21,945 21,945 Iiivestment incoine 900 Total Income 466,084 33,472 499,556 EXPENDITURE ON Raising thnds {12,391) (12,391) Charitable activÉtie8 Charitable activtli¢s (91,386) (29,602) (120.988) Other Costs Total Expendlture 111.427) 29,602) 141,029) Net gainsl(losses) on investments 2.039 2,039 NET INCOME/