PADDLEsfEAMER K*46SWEARCASTLETRUST UP4JrrED ANNUAL REPORT ANDStATEMEt4T QFACCOIJWS FOR THÉ YEAR ENDED 30 APAIL 2020 COMPANY REGISTERED NUK4BEL' 075S216 ts1AR REGWERED NUMBER.. 299931
CoNi•nts p Ftythe y•ar*nd¢dX)AI 20111 Trustaes Aep¢Yt Independani ReFQrt ststerwtofhnara1•th1ty Notès ttsthe F&WlIsta1ern• 12
PADDLE STEAMER KWQ%WEARCASTLETrUSTUMtrED P¥el Trus1•19 •ndAdv150rs For they•atended aoAprtl 2020 Trustees l H Me6orarJ Ichwmanl G F Hund¥ RJ Martln J R McKee RW CIBrnMer T Wcorthorn AWGI 26 street, Barryi Soth Glamorgan, CF52 7EB Ind•pend•nt &amkner P RWalkÈr FCC& 26 Hi8h Street, Barry. South GlaMorÉam. CF62 7Ea Battk•ts CAF B•nk Ltd, 25 King5 Hill Avenue. Klngs Hill. West Mallln& Kenr, ME19 4JQ
Fortheyeai tndld 304Ylla12D The Trustees weserf theirrepxr arcow)tsforthe ar 30A)I 2LTr20 Incornpllancewith ¢urrent5tstutDfV requirennty rheC'S myan&jrnartd ArtidesofAsstsuats)n and Accounbngand Rep1 bychant$.Sta1tnlWtOf Recomrnen¢d Prarttce ISORPI apalet0 arr(sreTngtira¢(ontsin ac¢wdInWiththE FIartl Repurtiwstandard applicae toth2 VK èndRewbkrflretd IFRS 1021 andtréCoMpanSAtt2. The 1n0PaI arttvitydPJJSreèKirVarcaIeTru$l Limiled IPSKCrycontinu# tob@U preservation and re5taratiriof PaLthSteamer n8$wea[C8standtoenatsjea rantsf the gweral pU1¢tOgain 0xperiLwofsairf a paddSleneTr. and to maintan arbfatts and dwJM)tsielatedto% sNp and rAherpacsteam. Paddlesteamer $wrSeTn knmitejwas itKowated on 27 Marth I. numb¥ 0755216. TheCoMpanywa$6rantedd4ritsleskntfrOrn 17A¥ux 1988 isreithr&J vAth Ehe Charty Ccthmwl r>uTrer29)931. The Trustee51wt¥)areall f4rectSdthecOrnp1nvflkneWrpD$e$QcwpanyIawj have SEr¥ed durfjD8ts>parnder ttr4ie*wwe.' fj F Nwndv AJ Martin J R McKeè ft Wclamm TW Cortboyn AWGill TheTFust2Ès are 5ubjetttoderEvJnor r[1OttoprareOLe5 Set Dutln the CompanV5 MemordThlum dArtle$OfAs$oU3Iwhh isitszcwr¥nsdocume
Furth¢¥ear•rnl•d30AI 20201Ctybtr&dl The Comwv Qfef3testhrLx4h a Boardof Thredrhtha¥sl5Trvstees trthetharitaL4È ttltieS¢tecpanv. TrTnths¢ttrTrthethe8ewPthatts Compary. ThÈ board meets rwIart¥a5cluM$tarequ. 11 isplea5ed ro reewisethE asgStaThc• manylndlwdu who brlnithelrewtyse Indeth1$rn ¢05UPPOrt thprett. Ihe wnynyls a sub51dwry0fT P•Jrle5re•iier prostl srirtY IPSP51 V•thkh hok15th¢ ffi•I•rityissi ollrsissued 5fvares. Ylwe ore 11 pmiwld share5held ty¢Xhets.J H M4W.3 shares.. G S - 3 shartS.'J M Gold. a sha¢e5JndRJ Martin- 2 shJre5. TTrUsteeS ttxamiMtlk7 fT4lorri5ksthat th¢C6Thparyfs1A weparfty•r•J updat thdr The Cowny has drddoped sylre to r1¢•nOtluOllhSe riststo Impact that th¢y may ha¥e oTrtheComwrrykn the future. The Ccthyny cont5nueswthlt$ff letthofryvr<aropw4Ij ins¥1iwtththUL thè h4storIcSSd PS Kltyswwcastle. PS KiWswwCast l1thrt• to Dart pf••s¥re Crnlt IDPC)wh oper¥tetr 5P onr odiin31 hcqn•wa14ry0fthe ri¥erOart. The tnothesdPsKcfcu•t be brypasedwith t way In whlch Iheship I$¢¢erIt•OaThY wdimlrarydlscusw$Ewde•bt • major olPro¥1nd I(e$S in mert&n8ow•t4ettNwlsfewrt¢d inm•ré4rtall wder •thle¥em 4Trd perforrnan. In 5ettJn8our obJvciN•$4fid pIannir4¢wattiIstbeTru#tE1h•e tefoJ¢onski?ratv)n to thecharitycomnsJn'sSeneryl put&"c benefit and In p*tvJ&r to itssuppknerttary pU1chInef ad1•dal.
PADDLE STEAMER KINfj5WEAR CASTLETRU5TUMtTED Trustees R•pprt Forthe y•*r •nded 30Al 20101c0ThId1 Achknemethts rI0MI The TIu5tcontlnues to be very pleased with the way iTrwNchthe charterer rnalntsin5 and op2ratss KinBswe3rCastle on our behalt The attention io deiail durin8the annu31 refit at the 9pyard at old Mlll Creekeorttinues to bÉ excellent ind the useof èpoxypalntson the hull h35 proved to bp beneficial. Thisyear, a5well as usual refrt a small amount of platlng was renewed on the hull anLI the rudder recèlVd attention. Wèait now worklD6 up a plan for a rnalgr rebuild of rhe shlp 10 ke her fotwardforthe next twenty flveyears. KlwswÈar Castle harbour crvisesfrom Dartmouth on mo&1 days durtn8 the 2019 from Juneto5eptember, aswèll J5 maklnB ocea51on31 w5irs to Totnesilvln8 55Èer5 rhe gpportvnityto 5all aboard 8 real paddle SLearner from anothera8e.TheTNst contlnues to try toe<lutate thowlder publk about the hlstory Df piddle 5te3mers throuÈh reuular featfft5 on It5website, Anéhd41 r•vl¢w The r05uli forihe perfodwis 3 Surplus of £15,724. The Trustths Iri mlndful oftfve n•4dfor PSKCTta malntiln suttlcient resefftesto Jee the Trust throu8h anyunforsfen 15sues. partkularlytfvenéeo forany urwlanned m•charnlcal work. The stritted funds of PSKtr, whlch orl8lnèie frorn sytlflcfundsfor Xln8sweJrCa5tlttransferred from the PSK In the yoar 30 April 2014. are ré8arded 4$5uffi¢i•nt forany malNenènce 1$5ueswhlch m•y fall out51de ihe ¢hart¢r a8reementwbth DPC and for th¢ plann•d maloroverhwjl.
PADOLE STEAMER KINGSWEAR CASTLE UMITEO PaBe 5 Trustees Report Fpr the year ended 30 April 2020 Icontinuedl Trustee5 responslbilitles In rèlationtothe Ilnanclal statement5 The Trustee5 are re5ponslblè tor preparin8 the Annual Report 3nd th¢ financl81 statement5 in accordance with appllcable law and regulatlons. Company law requlres the Trustees to prepare financial statements for each financial year. Under that law the Trustee5 have elected to prepare the finanEial staternents in accordanee with Unsted Kln8dom Generally A¢cepted Accounting Practlce (United Kingdorn Accountin8 Standards and applicable lawl. The finantial 5tatemEnt5 are required by law tQ 8ive a true and fair vtew of the State of affa¢r5 of the Charitable Company and of the Surplus Dr dellclt of the cornpany for tt perlod. In preparinz these Ilnanclal statements, the Trustes are requlred to- Selett 5Ult3ble accountlng polklts and then appty them ¢on51Stently', observe the rneihod5 and princlples In Ihe Charitie5 SORP 2015 IFRS1021.' m?kejud8ernents and estimates that are reasonable and prudEnt,' state whèther applitable UK accountln8 Standards h?ve been followed. sublett to any merlal departures dSsclosed and explalned In the financlal statement5.' and prepare th• flnanclal Statements OD the roncern basls unle55 It 15 Inapproprlate to presume thAt the Company wlll tontlnue in bu51nes5. The Trustees are re5pon51ble for keeping proper atcountln8 recoré5 which dlsclvb* w5ih rèa50nable iccuracy at ¥ny tlme the flnanclal posltlon of tho Chatable Company and enable them to ensuie that the flnanclal statem•Thts cornply wlth the Companlts Act 2CSJ6, They aro also responsible for s•fe8uardlng the assets of the Charitablè Company and hee for t•kln8 rèisonable steps for the pieventlon and deiettion of traud and other Irregularities. In so lar as the Trustees. Indlvidually. are 3war•'. There Is no relevant information of whlch the Charltable Company's e¥4mlner Is unawar•.' the Trustees have taken all 5tep5 that they ou8ht to havè tak¢n to rn4ke them5elve$ aware cf any relev3nt Informatlon and to establlsh that the exaTrNner is aw¥re Df that Inforrnatlon. The Trustee5 are re5ponslble for the maintenance and Integrlly of the corporate and anyflnanclal inlormalion included on the companvs webslte. By ordor of the Board Dale.. J R Megoran Director 26 Migh Street. Barry, South GlamorRan, CF62 7EB
•6 7tall . 145dlhe2011 A(. 1451SNlolthE 1011 +lA.' PRwaknFttA CF627EI
PADDLESTEAMER KING5WEARCA5fLE TRusfuMITED Pale 7 Statèmèhtof Anan¢l•l Aclfvltles Forthe yoar end•d 30Aprfl 2020 Unrestri F¥nds Fun 201 Incomlni Re50uttes Incomin8 Resourcesfrom 6er*rnted iunds tlonations and Le8a£ie5 Income from Charitablo al¥(cleS In¥estmentintome 2,704 21.369 4,553 3,194 20,930 2,963 21.369 4,553 Tot41 Inwmlw R•sOUrtq5 4.553 28,626 27,087 lIe5[ClI ostsof BeratingfUns Chariiable a¢VIlle5 Ger03nCD5ts 11,902 11,902 11,558 1.773 Totsl re2aurtes•xpgndÈd 12,902 la.1 Net lTr¢ome for the Perknd 12 11,171 4,553 15.724 13.756 FndS brau8htforward 12 135,479 295,358 430,837 417,081 Totalfund5 orrfed forwgrd 12 146.650 299,911 446.561 430,837
At IOApvi12 2020 TrntybkAssets 446.176 33 432,074 432.107 557 416.961 417.518 C35h at Wk•nd In hir 11.1351 431107 M•tAu•ts 8n.283 161AYJ Th• F01th• Ctr4rhv Shir• Cawl 57 57 UnrMtilrt•d In¢om• Fwds 155,479 R•Arlct•d Incorn•Fund5 12 299,911 295,358 43L665 43L665 Toknl Ch•iEty 878,283 e61,5S9 Th• trustws are s•Uknth•tth• w11td toexeryikn frrynlhe rewenl00Llth •n wdltubdtr s•cllon477 olth•CornwrAMkl ZOL%rthtrfio%NMtthTth• The irustoes ttkn¢wlethebr rejponsrbitsliesfor thÈYetyomwofth• c4mwthes Act2N6 with The h•¥t been pRp•red In Part 15 ofthe Comwths ArtILI]6 appl1c4bt• The finandal 5t•teDWofi 7th 12w¥tapwth*lbythe BoxrfofTrustees and for 4s¥e 202Oand were5ltyd on Its be1&Ibl., c1rman-
PADOLESTEAMER KII465WEARcAsllETRUSTupAfEO Pltst•s tr•th• Flnanthl sents Forthe rended 30Aprtl 2020 PAnrlpaIA¢¢•Un1w pul0$ The lilncIal stitements ttève been epar in accordaKe With Accountin8 3nd Rep(YtlnÈ ¥tIeS.. Statément af Recommended Prattice applicable to tharltles prepiring their accounts in Zccordancewith Financial Reportln8SJndard applieablE in the UK3nd Republicof Irelafid IFRS 1021 leffecihÈ ijanuary 20151-(nI1 sorip IFRS 10211, the FInantal Reportingstariard applible in the UK and Rewbli[ ol Ireland IFRS 1021 andthe CorwnlesAct 20W. The flDanci215tatements areprepared on theNstorical cost ba5isof Kcawntiw modified to Includethe revaluationof P5 Xin85wearCastle (note 91. Tan1¢ fl¥ed z5sets Tan4ibktlXÈd is5ets a ststed Itcost or valuarion. TWtfu5tee5are of the opinlonthaithècurrent market ¥alueofthevessd i53t leBrttK4reapitalalised and hLyKe detyocK7ti ha5 bÈen pded. The machinery equlpmenrfrom PS Compkn c3se are disdosed attheir pur£ha5eprkÈ in 2015. These itams are not beingused and are not5ubjecttowear an(fiear. coThsequenU¥nodepreclation has been provided. IncomlTri rullur Donationsand charter income arecredrted on thestrternent of fi[11 8Ciiwties in theyearln whith IW arerefved. Income relating ro rerICtEd funds is separatetydlsclosEd. Noamountsare included in the nnanclal thrernent5f0r5ervi donoted byvolunieer5. In¢omefram leg3de5 15 reco8nised attheearfier of the dateon which elther. tlecharityisaware thatprobate ha5 beengranted, the25rateflnèiised and DOtifi¢ion reeelved b¥the charitythata distrfbution will bÈ mado or hasb2en rttelved. Rewptof a le8acy. Inwhole orln part, 15 onlv COndered probable when the 8rnountcan be mwawred réliably the charlty Trotified of the executorfs inteThbon to make3 distrib1(1. R•¢•&2%pattded R0CeSeN are retD8rl$edwhén a liablity is incurred. Ci)rt of 8enerntin8fund5 3retho5e¢oststrnr¥ed inattsact1n8UnIary Income. Charitableactwitie5 indudes resourees Èxpended a51ated wrfch the mrtenan(e of PS Kin8sweèr Casr, equipment and any supportcosts a550ciwed withthgseattivitie5. GDvernance tO5t5 include th01curred Inthe Èovernance of the ¢hartyaid it$assets aNlare prlmarltyaw¢iated With con¥ritutional and ststutury requlrements. Fund •cunI1 Unrestrlaed fundsare defied£S 8TrDts. sponsorship and other intomo rffelvÈd Or$ent for the oble¢tivesof the CfvarftyWlthvuEfurtherspetified purposeand whlch are alIable 15 8eneral funds. Re5trfctedfunds are tg be used lorswltic pwwsesas laid down by the donor. Expendl¢ure. W¢ rr*ts thesé crlterfJa,wll be Identified tolhefund.
PADDLE STEAMER KINosweAR CASILE ithirrED p4e io 14ote¥tothe Flnartdal Stwiiients For th• yearendod 30Aprll Z020IContlttu•dl Fun Donawoths Leszcy income Z,704 2.704 3.194 1704 1704 3.194 Incomefrom<haritaWeadbvltles Fun Fun Charter Fe2 21,369 20.930 nr Interest rttefved- HMTrea5Ury Interest received- Other 1,616 2,937 1,616 2.937 1,567 4396 Ch•ritabJ¢A¢tlvth$ UNestri Shlp maintenancecosts TravEI e%per)5es PrÈmi5es- Chath8m Consult3Thty WeJsite PS Wa¥erley BDllerAppeal S0 Priory•araccrL15 not required 75 1,843 L650 7,2 120 75 1.843 1,650 7,200 Izo 124 2.235 L793 7,2 158 149 149 11,1351 48 11,902 11.902 11,558 Governanu ¢08ts Accountsncy Bankthar8es iio Fillngfet 13 1,773
PADDLE sfEAMER NGSWEA11(AmETRU$fUMIrED li Ilotsts tothe Flnanthl St•ttm¢nts Forthe yearended JOAwil 1020IContlnLYdl The tompany is a re8iSteredctsHty8nd is exemptfrDrn taxatlon underS505TaxesAct 1988. The Comoanvls re%isterÈd for ValueAdded Tax. Trustees and•fflployee5 charltyis run bysè4er)volufjteers, who arethetrustoe& and has w mernber5 Df Staff. One trustee is ewa&ed asa crffisultant (Note 131- Peasonawe and nethsryLt0f pocket Èxpenses are ImbursedwhEf@ wsidered appropriate. ExpEll5es rEiffld In the yÈ2rwerp £1,84312019- £2.2351. Tanylble Ftx•d Asws hine At l May 2019 iti0Tr5 Revèluatiorn At30WI 2020 435,0 11,176 446,176 11,176 446,176 At l M3y 2019 I)epriatIon At30April 202Q Net oklUe t 30A rll 2020 11.176 446,176 46.176 PS Kln8swÈarCasUew•svalueda1£435.QL¥) In 2C¥)8. Othermachineryrepre5entstheeDwnèand 3$5txiared equipmenrfram ps coptOn cast5rShIp of Kirysw¢èr Castle) pvrtha5ed In 20ts. D•btors Fun Fund Other Debtor5 TaxatlOm- VAT 33 33 557
PADDiE STEAAqER KINGSWEAR G4mE TRIISY UMITED Pay iz Note¥ 10 the Nnanclal Staternents Forthe yeArended 30 Aprll 2020 IContInu} li Credltprs- omounts due w]thtn one year un oi Trade credkors Other credilors 1,135 1.135 Fund5 ofthe Ch8fity h3 Other Lo £ g Furj Fun At l May2Q18 Surplu5 forthe Yearernded 30 April 2019 At 30 April 2019 surp1$ for iheyearended 30Awil 2020 At30Awil 2020 124.686 lQ,793 135,479 11,171 146,650 292.395 2.963 295.358 4,553 2,911 417.081 13,756 430,837 15,724 446,561 43L665 57 848,803 13,756 57 B62,559 15,724 57 878.283 431.665 431,665 Restritted fund5 relate solelyto funds transferred from the Paddle steamer Preservation SocietylFSPSI In 201QThey had been rlngfenced In the PSP5fat MaIntenanwork on PS Kin8swearCo¥le and then transferred to PSKcf. The cost5 of mapr workon the en8lfie are debited to the re5tritted funds. Interest Teceived on associated IV¢SmentS a ireatÈd as testrirted. other rese$ rolate tothe revaluion of PS Kin8wear Castle tfi 2C# Share Cakrftsl represents 55 El shares are Issued fully pald,. and 11 £1 shares Issued 25p port paid. Related ParwTrattsathon5 One trustee receNed con5ultancyfeesofE7,2(KJ In theytsrended 30AptU 20201£7.2CQ yearended 30April 20191. This relates to gervl£¢s boyoTrd th@ dutles of a trustth in Conneoion with teÈhniol and re8ulatory Issues and liai50n with King5wtrarCattle'5 charterèrs. Thefees are approved In accordante with paragraph 9 of the the comp#ny'sArtltles ofAsso¢laitorn Control The malorityshorehold*rof the Trtsst15 the Paddle Steamer Preseryatlon SocietylPSPSI (chrtY rjumber 21678531 whlch hglds 55 shares of the 66 issued183%1. As perrnitted Thder S405 aftheCompanlesAtt 26the PSP5 has not prepired gioup accoUtsen the the lInd$that PJddlp Sleamer Kin8swearCastle Trust knmlted isa char(tyand there arè severe lon8 term restrittS0Ths over its assets andthatdisproportionate e¥pen5e would be in¢urred In preparfin8 8roup 3ccovnts.