ANNUALttEPORY ANDSTATEMENTOF ACCOUNTS FOR ThE YEAR ENDED 30APRIL2021 COMPANY REGlSfERED NUMBEK. tI)755216 cwtty REGWERED NUMBER: 2￿*31 Coftterrts Page Fortheyeir enthd IOAwll 2021 Trnstees and Athsors Trnstees Report Indepefidant ENAmintes Reptyrt StatÈmÈntof Financial Artmties alanttsheet Notesto the FinanoalStsten*nts For the year ended 30 AWH 2021 Tntstees J H Megoran Icthalmw)) 6 F Hundy RJ Martln J R M£Kee RW aammer T W Corthom AWGill 26 Hi8h Street. 8èry.SJuth GIaffl￿n, CF62 7EB Independent Exa￿￿¢1 P RWal*er FCCA, 26 H￿h sireei. Barry. South CF62 7EB CAF Bank Ltd, 25 KinRs Hill Ab*nue. Ksng5 Hill. West Mall1￿ KenL ME19 4JQ COIF tharities Dep05r( Fund, 85 Queenviaorfa sireet. London. EX4V4ET cambrid￿ & Counties Bank Ltd. 58 Newwall ieKe5ter. LEI 6TE Monmothshire 8uiJdin8 Swiety, John Froll Square, Newpyi, NP2D IPX Redwood Bank Ltd. Broadwty. Letthworth &rden Th. Hertfordshire. SG6 3TA rgln iayde5dale Bank itd). 30& Vlncem PlKe. GWJw.Gl 2HL Tntstees Report FOrthe￿￿Tended 30Aprfl 20ZI The Trustees present their report and accounts forthe year en¢Jed 30April 2021 in compliarKe with turrent Statutory requlrements. the Companws MemNandum and ArtidE5ofA5￿jOaf1On and Accounting and RepDrtins by Charitie5'. Statement of Recommended Prartice ISORPI applicableto charities preparingtheiracwunts in xCordan￿wirh the Financial Rewtingslandard applicablEto the UK and Republlcof Ireland IFRS 1021 and the Companies 2rK Refere￿eaThd admlnlsirabve detsms The principal activityef Paddle Steamer firbgrwearCastYeTru5t Limited IPSKcn contlnuesto be the preserwation and restoratSon of Paddle sieamer ￿n￿arCasI￿and to enable a wide range of the genernl publi£togain exp**nteuf 5ailin8on a paddle steamer. and to m&ntain artrfa¢ts arKI documents relatedtothe shipand other paddk steamers. PaddleSte¥mer knTrwarCastle Tiust ￿Mited ¥RsincorW￿ OTr 27 Marth 19KJ. number cmss21& The Cornpanywasaranted tharl￿blE 5tstU5frtxn 17A￿$t 1988 and is wstered the Charlty Commi55ion. number299931. The Trustees Iwhoare all Dlrecrors oFthe Companyforthe purp05ES of CLxnp8Dylawl who hkn* sefftd durin8the year under reThi **re: J H Me8oran (Chaim￿thI G F Hundy RJ Martin J R McKee 41 W Clammer Twcorthorn A WGill The Trustee5 are subject to elethon ￿ rtrelection ac£ordin8to pr￿edUreS5etOut in the Compan¢s Memorandurn and Artides ofA55Wi•tsOtt Wh￿ iSitsg¢wnlw*JocumenL Forthèyear ended aOAprfl 2021 ICorrtlTh*dJ The Compawoperates thrwth a Board of Dirertorswhich alsoxts asTntstees for fhetharltable actl¥r The TnJ5tcontinuesto bevery pkased with the waythetharterermaintain5 and oper*e5 Klnwearcastle on our tehalf. Cowd 19 dominatedthe pernd. refitwth on the ship was sropped in March 2020 and nol ￿SuMed until Junewhep arCurnStan￿ permitted the Dart Cornpan*swork forceto return to work in 3 Cowd safe m8nnw. ￿n￿arCaSt￿S to operation wa5thwefore delayed uThtil eathju￿￿h￿n sheentered seryice writh a reduced passe capacbty. swal di5tancingof passenBersand uew. fa￿ masks, harKI san￿sing$t3￿ns and so on to comptywith CovSd regulations. Whereas in pr￿70￿5 5eason5 ￿nE$wear Castle*dS an add on to otherparts ofthe Dart Compart¢s Offerin￿ with herfrdre5ata h￿rrate than M other boats. for the 2020 season she ￿￿s inte8rated as oneoltherewlar 5*ssds running harbwruui5es frorn Oartrnouth and atthe same fare as all Iheother *ssels. Theseason continued uniiltheend of September when ￿n￿ear Castiewa5 laid upforthewinter. ￿5￿j5510ns have conti*)ued to firm up detai15 of ￿n&$wear Castle's proposed rebuild ar￿ as partofthat agreement has been reached w6th the DPCto extendthecharteron 3 rolling fward bas1> FIMndal re¥le The resuh f¢tthe pEriryJ wa53 sufF4us of £16.662. TheTrusrees are mlndful ofthe need forPSKCTto maintain suffiaeTht reserves 105eethe Trust through any unforeseen i55ue5, Particuladythe need fw unpLanned mechafftical WO￿ rt had been hoped rhai the restrirted fvnd50f PSKCT. whith ￿l￿naged from speafic fvnds for ￿n8$WearC8Stle from the PSP5 in theyearending30 April 2014. would be suffiuentfrjr any maintenance issues which mèyfrdll outside the scope otthe tharter ayeementwith OPC ar¥J forthe planned rna￿V rebuild. HoweverdetaSled costlngs ofthe rebuild suw thatthis 15 notthe G4se and 50 P5Kcr plans to launch a fund-rdi5ingcampai4n injune 2021 to Sour￿ add6tlonal d￿ation& As part of thi5 a newwebsite has been eon5tnKted with the ability io ￿Orn0t¢ fvnd raWn8andenabledonations to bptaken throu8h the websiteas well as by other mean PADDLE SIÉAMER KINGSWEARCASTLE UMITED Pa8e5 Forthe￿are0del 30Aprfl 2021 (c4w￿r￿￿) The Trustee5 are responslble for preparin8theAthnua Ilewt and thefinanaal statwnents kn accordarKe wkh apr4tsble Saw and Fe8ulatiDn Company law requires theTrusreesto prepa￿ fi￿n(la1 ststements foreath finanual year. Underth w theTru5tees have ekned to prepare the finanual Statements in acwdantr wfth United fin8dom Gener31tyAccepted Accounting Prattits IUnr(ed ￿nSdOM Atc¢untin8 Standards and aP￿ICable lawl. The finantial SVdternent5 are requtred by lawto gi¥E a irueand falrth of the Slate ofaftairs of the Choritable Company an¢J of the surplusordefitit of thÈ tompanyforth* Feritxl. In preparlnKthe5e finanual 5taternents. the Tn&S￿e5 are¥equlredto: Sdett suitabke ac¢ountinRpolityes then apptythem wnsi5tenty. obser%*the method5 and priroples in (tharive5 SORP 2015 IFR51021: makejud8ements and estimates th* ère reasonable and prudent,. stète whetherapplicable UK accountinE Staodards ha¥e been fouowed. subpth to any material departure5di5dosed and explained in the finatKial statements; and preparethefinantièl ststements on thÈ8thn8contern bas￿ unl¥s rt i¥ inopw¢)prioteto presuff* that the Comp3ny*illfth)tiM* In bLtslnes& TheTrustees ère responsi￿tfOr proper%ctyJntingfeton15whith disd05ewith r&750nab atturacy at anytimethefinanciol wsition ofthe Charirable Compony and en3Nethem to ensure th the financial smements comptywith the Companie5 Act I(￿. TheyaTeatso responsible for 53fwardin8 rhe assers ofthe thar*able Company and hentrlortaknnB reasonable steps forthe preVen￿ort ènd detectioh of fraud andothÈrittw￿r1I sofaras iheTrustees, Indmdualfy. are awarw. The¥e is no irkn ofwhth thE Charrtable com￿￿$examIner6 ur4ware.' 3nO the Trustees havetsken all 51eps thatthey oushtto h￿takeTrto makethemsefves aware of ny relevant Informatlon and to estsblish thatthe examinerts aware ofthat information. TheTrustees are resFxJnsible fr)rthe mèintenanceand intwttyof CL¥pxate and mfinandal infonnotlon Induded on the company'swebsitÈ +xderof thE E4)Jrd 2 Au8USt 2021 J H Mesora Direttor 26 Hlah 5treeL Barry, Sr*Jth GlamN8arn CF627EB P•ffi 7toJl Iii I St•ternentof Fh￿ndaI AUl¥tu For the yearended 30Aprtl 2021 Unrest Total Fu 2020 I￿omIng Re50urce5 from 8eneMed fithts DDnations at)d Le8acies In¢offle from Charitable acINit￿$ InYe#ment income 1.767 2L688 1.767 21.688 2.704 21.369 4.553 2.801 Totsl In¢4mlnG R￿￿TreS 23,455 2.801 26.256 28.626 Costs of Eeneratin8funds Charltable actI￿lIeS Govem8ntec¢ists 9.495 9.495 li.￿2 Total resour￿ wended 12.gJ2 N¢t IrKomefor￿ P•rknd .861 .662 15.724 Retfjncoll￿0n ollunds Funds brou8ht forwa I46￿￿) 299.911 4M6.561 430,837 Totalf￿d$ t*vrled forward I￿,511 ao1712 463,223 446.561 PADDLESTEAMER KIPKSWEAR fAThETRusf UMifED Balance Sh*•t At IDApril 2021 Taryble Assets 446,116 446.176 Debtors Cash at 83nkand in hènd 61 448.708 448,769 33 432,074 432.107 Credhors.. Aniwnts due within oneyear li riet OJrent issets 448.769 432.107 894.945 878.283 The Funds of the CTr4rlty Share C•￿1 12 57 57 Unrestricted Inccffie Funds 12 146.650 Restrftted lfitome Funds 302,712 299.911 Other reseNe 431.665 43L665 Totsl Ch•rltyFunds 894,945 878,283 The trustees are sètisfied that the company is entitjed to Éxem01￿ frrffithe reqwrementtoobtsin an underseclion 471 of the Companies Act 2(Th retsunEtosmall tompani The mtmbprs have not rwuired the companyto oLtsiD an wjdft In acct)rdard(*with sertlon 476of the The irustees a£kno%￿edge their reswnslbilrf(ies forc0mp￿nqwlth the requireme1￿ olthe Cr#npanies kn 20)6wth pert to accwnting records and preparation of accounty Theaccounts have been prepared In Kcordan￿W1th the prod1s1￿ in P*t 15 1)fthe Crynpanies Art 2W6 aP￿1(ablet0 ornpanies subiert tothesrnall companie5 rryme. The finandal statemertts on pah*$ 7 to 12wereapwo¥ed bythe Board of TNstees and authorised fot iswe on 2AuRUSt 2021 aThd were si8ned on its behaLf Chai TrLisiee- G F Hun CornpanyTry5tered nurnber (X)755216 Noies th the FIMn¢J•l Ststements FOrthe￿Il erKIEd IOAprfl 2021 The finanaal statements ho* been in aCCord￿w￿ k£wntin8ar*l ftewti￿ ty tharfl&" Statement of Recommended Practice aP￿icable iotharities preparingtheiraccounts In accordance with Flnanoal RepDrtingStandard appllcable in the UK and Republicof Ire￿nd (FR5 1021 leffettive l January 20151-(harities SORP IFRS 10211. thÈ Financial Reporting Standard ap￿1(a￿e inthe UKand RepublK of Ireland IFRS 1021 andtheCompanie5kl 2C( e•sSsof •tcaunttry The fina￿la1 statemwtsare FxeparEdonthe histyi￿1 co5r bjsts of ar£tyJrtln& mc4JTfiedto indude thÈ rthyluation of FS ￿n￿arCaSt￿ In¢)tÈ 91. TznRlbie flvd 4ss¢ts Tanlblefi¥ed assets¥re ststed at C05t orvaluation. The trustee5 are of the opinion thatthe£uThent rnarketvalueofthe tsatjeast th*(apltalallsed and ben￿ no depreciatbon has been wided. The machiJ)ery and equipment from PS Compton Castle arÈdisdosed at their purtha5e wice in 2015. These trem5 are not beln8 used and are Mt Sub￿ to wearandtear. conseques)tt¥ no depreciation has been provided. IncomlngfeSOUf Donatlons and tharter income areLYedited on the Slatement offithancial actI￿e$ intheyear in whlth theyare recel%*d. Income relatI￿t0 re*r￿ed fund5ts separatety dfjschjsed. No amounts are 5nduded in the finantial st*ementsfor semcesdonated trrfvolunieers. Incomefrom leBae*s is teeoBtysed attheeadier ofthedate on which erfther. the thaiityisaware that probate has been 8ranted. the est*e finali5ed and nottfication bythe charitythat distribution will be made or has been rece¥ved. Rec•pt ola le8acy. in whok or in parL tsonly tortsidered probablewhen the arnDunt can be measured re¢iabtyand the charity notff*d ofthe executorfs inteDtlcffj to make a dknltr*j￿m. Costof8eneratlngfvndsareihosecosts IruThed kn attr¥rln8wlurtsry Incwe. charitab￿ activities Indude5 re50urces expe￿ed as50llated wrththe maintenaTh￿ of PS fwwear Castle, equlpment and any support costs assooatedt*lth those aCrfvft￿5. Governan￿¢0$[SIndUde ihose InwThed in ￿rnan[e ofthE chwityand it5as5etsand are prima￿￿ta$s0￿I￿ wfth tofftstÉknrtthal and sMutoryrequiremert% Urwe5trl¢ted fvnds ore defined as gants. sponsorshipand other irth))e received or generated for theobiectiWe5oftheCharitywithouthJrther specffied puipose and whith wai18￿e8$ 8enernl fvnds. Re5tsiEted funds areto be used forspe£ik PU￿￿e$35 iikl th¥n dNw. EyrKlitur¢ wh￿h meetsthese tyit•ts, ¥AlI klentffied iothe fvnd. PADDLE ￿EAmER KINGswE￿ CASTLE UMnED Paso 10 riotestothe FInI￿ra1 Ststements For the yearended 30 Aprfl 2021 ICwtlmJed) nrEStTTLted l Funds 2021 Donation5 Legacy Income L767 1,767 17CtsI 1,767 1.767 unds 021 Ch•rter FeÈ Misceltsneous sales 21.668 20 2L668 21.369 Charter Fee 21.688 21,688 21,369 nd5 2021 2020 Intere# recew. HM Treasury lrtÈre5t rereNed- Other L642 L159 1.642 1.159 1,616 2,937 IharilableAc￿¥lIIes Tutsl Funds Shlp Mairtenan￿ costs Tra¥el expenses Premises- Chathaffl Consultancy Webslte Post uffio box P5Waverley 8DilerAppEal Rwm Hire Zoom costs Prioryearattruatsfiot reguired 75 75 75 1.843 L801 7.2 149 11.1351 9A 9.495 I1,￿12 21 Accountancy Bank charges iio Filingfee 13 Pwii Noies to thè Flnandalstathm Forthe ye•r ended 304•wll 2011 (conlih￿￿j T•x•tk Thecompany Is a rewtered tharity3￿lse1eMw frtynta¥atknn wderSYJSTa%esAct 1988. The Company is wstered forvalue Pdded Ta The tharity is by sevenwlunteers. who arethetruAees. and has Mmembersof staff. i))e trustee is en8a8ed ès a consultarst INote 131. Rea%)nable and necessary our of pocket exFenses are reimbursed where considered appropriate. E¥4Jerw reUnI￿r$¢￿ in the wereENil12020- £1.8431. Tangibl• Fix•d A•Mts At l May 2020 Additions Revaluation At 30 Aprfl 2021 435J IL176 446.176 435[ IL176 446,176 reck*K)n At l May 2020 Depre£i*ion At 30AprS1 Z021 Net bcdE valueat 30 ri1202 435.(n) 446.176 ri12 4146,176 PS Xinwearcastle vrds v•lued at £435,C(Oin 20J8. Other mathinery represents the englneand35sc*Ith equipment fram Pscomptoh Casiielsirtushlp of n85wear CB5tlel purchased in 2015. Fund5 Fun 20ZO Other Debtors T8xathn-VAT 61 61 33 NDtestothÈ FinaM•l StateM￿ts For the year ended 30 April 2021 {Cw¢lr￿*d) li Totsi Funds Trade creditors Other creditors Fun& ofthe (hartty Unrèstricted Shar* ari At l May 2019 sUr￿U$ forthe year ended 30April 2020 AI 30 April 2020 Surplus forthe ￿ar ended 30April 2021 At 30 Aprfl 2021 IY5,479 11.171 14&650 13A61 IE4).511 295358 4.553 299.911 2.P4)1 301712 430.837 IS.724 446.S61 16.662 463.223 43Lffi5 57 861559 15,724 57 878,283 16,662 57 8Y,945 431.665 431.E65 Restrirted funds relatesol*to fvrtdstr3nsfe￿ed from the hddlesteamer PrtSerVa￿ 5(oety IPSPSI In 2014. Thry had been rin8fenced in the PSPS for rn3inten0n￿WoIk on PS Ca#leand thentr3nsferTed to PSK￿. The Costs of rnajor workon the enWne are dellred tothe restricted furtds. Itlterest recel¥ed on assoclated in¥e5tmentsare treated a5 re5triLted. Other reseffts rdate tothe rwdluation of PS ￿￿l￿r(a$rJe In I(￿. Sh3re Capttal rewesents 55 £1 shares are fvlty PAKI: and 11 £1 Sha￿ ISSU￿ 25p part Pafj One tru5Eee receI%￿d ￿nSUhan9 fe250f £7,2(Klin yea¥ended 30April 20211£7.2COyear ended 30 Aprll 20201. Thts relates ro Se￿1￿ beyond the dutyes of a Èn connedion with tethnical and regulatory issues and liatson wfth In85wear Ca5tSe'5charterew5. ThelEes arEapkThtyJ •) aro¥darfe w6th par4rarth 9 of thec(rfnpanVs Artides of Assouation. The m3jority5hareholder oftheTrust ts the Padd* Steamer Preseryalion knety IP5PSI (Charity ThuM￿r 21678S31 whieh hohls 55 shares of the 66 issued183%1. A% P￿rnitted undef $405 ofthe Companies Act 2fA)6 the PSPS has not prepared group accourtts on the the groundsthat Paddle Swmer knnwarcasue Tritst L5mtted 153 thaTitV arHI I￿re re sÈvere lonÉ term restrIctl￿thEr its assets thatdwoportionaie expensewould ￿ incutred in preparingyoup ac£wnts.