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)A￿I 20111
Trustaes Aep¢Yt
Independani ReFQrt
ststerwtofhnar￿a1•th1ty
Notès ttsthe F&W￿lIsta1ern•
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 30*4Ylla12D
The Trustees weserf theirrepxr arcow)tsforthe ￿ar 30A￿)I 2LTr20 Incornpllancewith
¢urrent5tstutDfV requiren*nty rheC￿'S m￿y￿an&jrnartd ArtidesofAsstsuats)n and
Accounbngand Rep￿1￿ bychant￿$.Sta1tnlWtOf Recomrnen¢*d Prarttce ISORPI ap￿￿a￿let0
￿arr(￿s￿re￿Tngti*ra¢(o￿ntsin ac¢wdIn￿WiththE FI￿art￿l Repurtiwstandard applica￿e
toth2 VK èndRewbkrflret*d IFRS 1021 andtréCoMpan*SAtt2￿.
The ￿1n0PaI arttvitydP*JJ￿Sreè￿KirV￿￿arca￿IeTru$l Limiled IPSKCrycontinu# tob@U
preservation and re5taratir*iof PaLthSteamer ￿n8$wea[C8st￿andtoenatsjea ran￿tsf the
gweral pU￿1¢tOgain 0xperiLwofsai￿r￿f￿ a padd￿Sle￿neTr. and to maintan arbfatts and
dwJM*)tsielatedto￿% sNp and rAherpac￿￿steam￿.
Paddlesteamer ￿￿$w￿r*S￿eTn* knmitejwas itKowated on 27 Marth I￿. numb¥
0755216.
TheCoMpanywa$6rantedd4ritsl￿esknt￿frOrn 17A¥ux 1988 isreithr&J vAth Ehe Charty
Ccthmwl￿ r>uTr*er29)931.
The Trustee51wt¥)areall f4rect￿SdthecOrnp1nvf￿lkneWrpD$e$Q￿cwpanyIawj have
SEr¥ed durfjD8ts>par￿nder ttr4ie*wwe.'
fj F Nwndv
AJ Martin
J R McKeè
ft Wclamm
TW Cortboyn
AWGill
TheTFust2Ès are 5ubjetttoderEvJnor r￿￿￿[1￿￿￿O￿ttoprareOL￿e5 Set Dutln the
CompanV5 MemordThlum ￿dArt￿le$OfAs$oU3I￿￿wh￿h isitszcwr¥nsdocume

Furth¢¥ear•rnl•d30A￿I 20201Ctybtr&*dl
The Comwv Qfef3testhrLx4h a Boardof Thredr￿*h*tha￿¥￿sl5Trvstees trthetharitaL4È
￿ttl￿tieS￿¢￿tec￿panv. Tr*Tnths¢*ttrTrthethe8ew￿Pthatts￿ Compary.
ThÈ board meets rwIart¥a5cl￿uM$ta￿requ*￿. 11 isplea5ed ro reewisethE asgStaThc•
manylndlwdu* who brlnithelrewtyse Inde￿th￿1￿$rn ¢05UPPOrt th￿pr￿ett.
Ihe wnynyls a sub51dwry0fT￿ P•Jrle5re•iier pros￿t￿l￿ sr￿irtY IPSP51 V•thkh hok15th¢
ffi•I•rityissi ollrsissued 5fvares. Ylwe ore 11 pmiwld share5held ty¢Xhets.J H M*4W.3
shares.. G S ￿￿- 3 shartS.'J M Gold. a sha¢e5JndRJ Martin- 2 shJre5.
T￿TrUsteeS ttxamiMtlk7 fT4lorri5ksthat th¢C6Thparyf￿s1A￿ weparfty•r•J updat* thdr
The Cowny has drddoped sylre￿￿ to r￿1￿¢•nOt￿luOllh*Se riststo
Impact that th¢y may ha¥e oTrtheComwrrykn the future.
The Ccthyny cont5nueswthlt$￿ff￿ *letth*ofryv￿r<ar*opw4Ij￿ ins¥1iwtththUL
thè h4storIc￿SSd PS Kltyswwcastle.
PS KiWswwCast￿ l1thrt•￿ to Dart pf••s¥re Crnlt IDPC)wh oper¥tetr* 5￿P on￿r
odiin31 hcqn•wa14ry0fthe ri¥erOart. The tnothesdPsKcfc￿u•t￿ be b*ryp*asedwith t
way In whlch Iheship I$￿￿¢¢erIt•OaThY wdimlr*arydlscus*w$*Ewde￿•b￿t • major
o￿lPro￿¥1nd I￿(e$S in mert&n8ow•t4ettNwlsfewrt¢d inm•ré4rtall wder •thle¥em
4Trd perforrnan￿.
In 5ettJn8our obJvciN•$4fid pIannir4¢watti￿I￿stbeTru#tE1h•￿e t*efoJ¢onski?ratv)n to
thecharitycomn￿sJ￿n'sSeneryl put&"c benefit and In p*tvJ&r to itssuppknerttary
pU￿1chIne￿f ad￿1￿•d￿al￿.

PADDLE STEAMER KINfj5WEAR CASTLETRU5TUMtTED
Trustees R•pprt
Forthe y•*r •nded 30A￿l 20101c0Th￿￿￿Id1
Achknemethts ￿rI0￿MI￿
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 9￿pyard 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 recèlV￿d 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 ￿55￿￿Èer5 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 t￿t
perlod. In preparinz these Ilnanclal statements, the Trust*es 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 m*erlal 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 Cha￿table 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 he￿e 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(*.
1451SN*lolthE 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 a￿l¥(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 Be￿ratingfUn￿s
Chariiable a¢￿VIlle5
G￿er03n￿CD5ts
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
F￿ndS 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• F*￿01th• 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• w11t￿d toexeryikn frrynlhe rew*en￿l00L￿lth •n wdltubdtr
s•cllon477 olth•CornwrAMkl ZOL%rtht*rfio%NMtthTth•*
The irustoes ttkn¢wle*thebr rejponsrbitsliesfor thÈYety*omwofth• c4mwthes Act2N6 with
The h•¥t been pRp•red In Part 15 ofthe Comwths ArtILI]6 appl1c4b￿t•
The finandal 5t•teDW￿ofi 7th 12w¥tapwth*lbythe BoxrfofTrustees and for 4s¥e
202Oand were5lty￿d on Its be1&￿Ibl.,
c￿1rman-

PADOLESTEAMER KII465WEARcAsllETRUSTupAfEO
Pltst•s tr•th• Flnanthl s￿￿￿ents
Forthe ￿rended 30Aprtl 2020
PAnrlpaIA¢¢•Un￿1w pul￿0$
The lil￿ncIal 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 FInant￿al Reportingstariard appli￿ble 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.
Tan*1￿¢ fl¥ed z5sets
Tan4ibktlXÈd is5ets a￿ ststed Itcost or valuarion.
TWtfu5tee5are of the opinlonthaithècurrent market ¥alueofthevessd i53t leBrttK4reapitalalised and
hLyKe detyocK7ti￿ ha5 bÈen p￿ded.
The machinery equlpmenrfrom PS Compkn c3s￿e 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￿￿[1￿1 8Ciiwties in theyearln
whith IW arere￿fved. Income relating ro re￿rICtEd 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
COn￿dered probable when the 8rnountcan be mwawred réliably the charlty Trotified of the
executorfs inteThbon to make3 distrib￿1(*1.
R•￿￿￿¢•&2%pattded
R￿0￿CeSeN￿￿ are retD8rl$edwhén a liablity is incurred.
Ci)rt of 8enerntin8fund5 3retho5e¢oststrn￿r¥ed inattsact1n8￿UnIary Income.
Charitableactwitie5 indudes resourees Èxpended a5￿￿1ated wrfch the m*rtenan(e of PS Kin8sweèr
Casr￿, equipment and any supportcosts a550ciwed withthgseattivitie5.
GDvernance tO5t5 include th0￿1￿curred Inthe Èovernance of the ¢hartyaid it$assets aNlare
prlmarltyaw¢iated With con¥ritutional and ststutury requlrements.
Fund •cu￿nI1
Unrestrlaed fundsare defi￿ed£S 8TrDts. sponsorship and other intomo rffelvÈd Or$en*t￿ for
the oble¢tivesof the CfvarftyWlthvuEfurtherspetified purposeand whlch are a￿lIable 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
We*Jsite
PS Wa¥erley BDllerAppeal
S￿￿0￿
Priory•araccrL*15 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 neths￿ryL￿t0f pocket Èxpenses are
ImbursedwhEf@ wsidered appropriate. ExpEll5es rEiffl￿￿d 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)ep￿riatIon
At30April 202Q
Net
ok￿lUe
t 30A rll 2020
11.176
446,176
46.176
PS Kln8swÈarCasUew•svalueda1£435.QL¥) In 2C¥)8.
Othermachineryrepre5entstheeDwnèand 3$5txiared equipmenrfram ps co￿ptOn cast￿￿￿5r￿ShIp 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 MaIntenan￿work 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 I￿V¢S￿mentS a
ireatÈd as testrirted.
other rese￿$ rolate tothe revalu*ion 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 (ch￿rtY rjumber 21678531
whlch hglds 55 shares of the 66 issued183%1. As perrnitted ￿Thder S405 aftheCompanlesAtt 2￿6the PSP5 has not
prepired gioup accoU￿tsen 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.