2023-10-31-accounts

ANNUAL REPORT*J405TATEMENtOFACC￿PIrS comP￿￿RESA5rERE0?4u￿8EP:Lxtr7SS2l6 CHARllYREGmRED MJMBER." 29W31

Trustee53￿4AthlsOrs IndependentEy¥rran&sRew Statsrrntof Finaral￿1￿t¢￿s BalancÈShE

PIAEI l H Me8oran Ichalmianl G F Hundyldied 27[kn)li*￿21l RJ Martin J R McKee Rwaèm￿r Twcorthorn AWGIII Z6HIthStreeL Bary.5oUIhG￿￿￿wTr. CF6Z7EB INl•wrthrtEx•rnifW P Rwalker ￿ 26Hf8hstree( Bwry. SLXrthG￿￿￿V8a￿. L7627EB CAF Bank Ltd, 25 Kirrz5HtllAvenue, finz5 Hill.We5t MallinL ME194KI C01FChar￿Qs0QPO￿ Fund,8SQueen vktoda StTeEt. London, EX4V4ET Cambrid8t&CountiesBahkLtd. 58Ntsfwali L•celler. LEI 67E Monmothshlre Bulldln8Socffj, knhn Frostsquare, Ilvwi. NPZOIPX Redv400d 8ankLtd, Bro8d%Y3y, LeLchworthG3rdeniJty. Hertfordshire.SG63TA VIr￿n MontylCWle 8ankLtdl. >)StYirKentH&e, GLisDiw.Gl 2HL

ForthoY•ar4hthd 31ikloberèJZ3 TheTru5teu presentthelr and ac¢ountsfOrthe￿rend￿d 31 CKtober2023 in rornrAlan￿wilti current StatU￿ryregUIreWts. thecornpany's MemDrandumand Art￿le$ofA55warXjnand ￿￿nting0Th￿ Repo￿nI Charibes.'5tstem2ntof Retomw￿eO Pracbce ISORPI a￿￿abIetocha￿ties ￿paringthEIr￿cC0Unts Sn accordan￿ wlth the Flnandal Rwtin8Strd￿Jard 3pp￿ab￿t0th@U￿arMI w￿￿of1￿13nd (FPS 102landth ConwanlesA 2Q The Princip31 actithofP3ddleSteamerKin8swear¢4thTru5tDmired IPSKcf) contin1￿$t0 ￿the￿est{VOtiti￿ and restornlonof padd￿ Stea￿r bry￿arCas￿eandto er￿tr￿e3￿1de range 0fthe￿neral publictogain experfenceofsailingon a padd￿ 5tearner.' aTrJto malnEaln artyfactsand 0￿n￿tsre￿tedtO th2shlpand padd￿S1eaMerK1n￿arcaSdt1rU#umrted on 27Marth 1963.Th￿7therf￿2IG. TheCornp3n¥wasyanted<harila￿5￿lusfr￿rn 17AUV￿1￿aThIfjs reredYhlththeCh•ConYrtlsskJn. nurnber299931. TheTrustees lTroareall DirEctL¥501theCwxryforthe wrpxe50fCryrrybwlho serbd d￿nI theyearunder rewewwere= J M Mewan I0￿1rman) G F Hundyldied 27 [kn￿ber202Z) RJ Mèrtin J R MCKee Rwcbmrrer Twcorthom AWGIU TheTrusteesare subjeat0e1ect￿ or rfrelECtkna￿l￿tO ￿￿edureS*t(￿￿knth￿c￿Vrf$

Thecompany operate5throu8ha Boardof DireLtcr5thxh alsoXtsasTrusteesforthELthxitableact￿￿@￿OF thecompany. TheTruSteeSdettrnx￿th￿8￿neral WiVofthÈG)rn￿rry. who brfn8theirexpertise3ndenthusla￿￿suPW￿th￿￿QJe<1. The companyisasubsylkiry ofThe Padd￿steam￿ P￿Se￿ati￿$0￿etyiP5PsI whith hDhlsthe Ma￿ty¢S510f s Wued sharekThere are 11 partty paid shareshdd trIOth￿.￿N Mey4n-3 F Hundy-3 sha￿￿.j M GDkl. 35hare5andRJ MarJn- TheT¢usteesexamlhethe malor rfs5thatthe CoMpanYfa￿when Preparf￿andV￿J4tyrytheir The Companyha5 d￿￿opE￿ 4sremstoff4)nrtorand￿t￿lheSÈl1￿sto mananyimpartthatthv4 rnay ha¥e onthe Comparty1othefuiwe. Ihe CompanycontSnue5 wlth ￿S prlme0bie£b4tofwer￿afyJ($•4￿￿I￿￿Wryl￿￿mthe hi5tor PS Kingswearcastle ￿tharteredtOE￿rt PleasuretrdftUrrttedlDPQwhooperntethe shlpon herortpnèl Watsrsofthe rNerD3rt.The rrusteesOfPSKcfc(wtJn￿lO be￿￿eaSe0 with theoreand attentK)nwith whkh Iheshlp Isbeln8rwaftdAMa￿Q&WfvUil$wX1￿￿avk￿￿h)tt sh'5Qntenaryln 202 OurproBressandsutte55in meEtin8ourobJeaKw ￿Te[¥re0 in ￿￿￿etail Under'th￿ry￿entsand performanc¥. In settlngcurobttt¥esarKI pLinn5￿0¥ra￿￿tie$theTrYsteeshm￿ L7reful Con5[dern￿On to the Charfty COmrni￿on'sffeneral gukY3nCety)puw￿ be￿fil and inparticularto1t5yjrthmentsrypu￿khenÈrttWK￿ancÈ on advancln8educatkJn.

Thefirstand t￿51 Wbstan￿￿1 partofKinwarCasde's maF)rrthiW wJscompkted 2023.ThiS financed bysurplusesfromtradin8duil￿the Methyear5, donafjons, Indud1￿8 grantfromthe P5P5, and donationsin knndfrorn thecharterer. Aftera hed tesi toche£kthEship'ssiabiityandextensh4tldalswith thè MCA. theship returned ￿ser￿￿Ort 25Juty2023 runni￿onthe Riw Dart SIXd￿ a ￿￿ekuntI1t0war￿s theend ofsepternber. PLinnlngand furxl tsi&nÉforthÈsetond pha5eofthe re￿IkY¢￿)nUeS.Thts propoa workwll indude reTr￿￿￿the Strake oftshvii#eetworkjust ilowthedeifrL¥nthettne rr￿￿ ￿the rene￿￿&the dethfOThVa￿ orthèÈnw￿rtstsMtoth￿ kw)w.TheTrust remalns¥ery p￿sed7thth waythatthe charterer rnalnuinsJOr￿Ies ￿n￿rCa￿tal¢xKtsehalfand lorthdr subsiantial dOrtatity￿ in knnd towardsthe rebulld. Thecompany5yearend hasbeenchawto 31 cKioberirto￿ertts bringitsnto lineYh7ththofthePaddle StEaMErPre5er%￿Ons0thEty. its rnakntharehoider.Thisctsnpwati¥esshtrn areforthe 18 ￿￿th5frorn I May2021to31(Ktottr2022. The resurtfortr￿rwa$a yJWu5Lrf£19.144. TheTrUstee$a￿ mindful ofthÈneedforPSKCTtom8intsin >jffi(iw￿ rE5erve5tO Seether￿￿lthfOUth ary nforeseen Is￿e¥ parricularlytheneedfor unplanned methanKal worL been how tha¢the retysned fundsofPSKCT. ori&'nated fr0mspetsfKfi1￿tsf0r fowrCathlTomthe P5PSiTrthe￿areTrjI￿S30 April 2014. would be 5uMdentforany rna5ntsnan￿ Issueswhlch mayfall0LrtsAlÈtt￿$cOpeO[the tharter aArÈempntwth OPC3ndforthe p￿n￿ed Mak￿r￿1￿1. mvAwrdetsI￿r￿nS5oftherebUIlO 9JgResi that thisis notthe case and50 PSKcfiaunthed afUnd4a1￿n8carnpa￿ injune 2021to swrce add￿07a1 donatirm& AnewWeb￿te has been construrted.Thishaspronw4dfuNI enabknid0￿xJ￿St0tsetsP throu8htreweb5hte aswdl as tyothermean

PIJDLf STEAMER KIt465WEARCAsfLETRiisr uMriED TNstee$Report FtythèYearended31 O¢tolr1023lConWnwdl TMstee5 responslbilltiE5 in rElath)nt0￿fwnC4al$l•l¢mtThts TheTYusteesare re5POnsiblefor prepari￿￿theAnTrua1Rewrfa￿￿thefiTranOaIs￿teMentsIT￿acCCydan￿e with applicaljle law and regulations. CompaDY law re4ulrestheTn151ee5¢0 prepareflnancial 51arenwtsforeachfinaKialyEar. U￿￿erthtIaWthe Trustses haveelerncd tD prEparethefinanwal 5tatemEnts in a¢cwda￿eW7th United K￿l￿orn6￿￿erdF Accepted Atcounting Practice (United ￿ngdomI￿OUnti￿st3nd3rdsand applicablelawl. The financial statemenrsare rEquirÈd bylawtoiwe a fwe and faYTrAew of ihe state Dfaffairs olihe ChJritsble C¢xnp3ny aTrJ of the Surplus ordefi£it ofthe companyforthat PEriod. ln Pre￿ring￿Serinanthal 5tsler￿nts. rhe Trus￿e$ ¥t¢ rèquired to.. Select5uirable accounting poliue5 4ndtheh applythem C{￿￿￿tty,. ob5Ervethe method5 and prifidplEs Inthe ChaDtiesSORP 2015lfR51021.' makejudgEmentsand estime5 thatart rea50natye and ptude sthtewhether appli<able Uxaryountin¥standardsh￿ebEeTr followed.subjorttoaThy rnatÈrial depart￿re5 discloA ènd e¥plained iflthe finaDual 5tstements., and preparÈthefinarKial 5tatementSOnihewin&tonttrn bagsunlE55tt iSinapprogr&teto we5urne thatthECrynpanywlllcontinwin busin TheTru5teES are resp0nytyeftsrkeewr￿WOp¢r¥C0Un1inlreCQr￿Swh1chdIs￿oseWth ¢asonable xuJraLV4t anytime therina￿l31 poyiion of thÈ£hafitable ((￿Pany•A0enébletherntOÈhSurethOttheflna￿￿al tementscomptywith the Comp4nie5 Act 2￿6. TheyaFEalso respJnsibleforsafÈÉuardingthea55etsof the Charitable Company and hErtefortskn"ngreas￿atye 5tepslorthe prtrentlon a￿ddeleCtiO￿0ffPud aTrd other In so lJrasthÈTriJ5tees. jylttkniiual. are 37Te'. There Isn0￿1￿antIThforMatiOn0f1thhthEchari￿￿e ctyiwnnsl￿e f&rthe mw1Ntena￿È and intryity•fthecorpwateand an¥fina￿al inlorm3ti0n includÈd on the CLryanV5wÈbshe. 8yorderofthe Board Date.. 2Mar¢h 2024 tan rector 26 Hlth srreeL ga￿, knjth 614rnor8an, CF62 7E8

dhlsMtr¢9wrtdlY>wundeFS¢EtAM11442ldthE(JwA￿￿L*Zljll(thEI1￿l￿}￿th# IIL%nryrwon4trANtyIO.' Sect￿ 145t511bl ofthe20LI #rt.￿J irÉiMhtsor￿2ol1￿¢ PR Walker FCCA 26MIth Stre i%l41 Sjuth (5627fB

stsw*rtoIWIN￿lAc￿¥thS In￿r￿n￿ResLyjr￿lroM8er￿Iedfv1￿ts Donatlonsand LeÈatses IncornefromCharftab￿attM1be5 Inve&tmentlncome 26.491 27591 IL794 76,397 21 4￿56 11794 .894 33 47A58 lo3￿19 Costsof VnEratlngfurKts ch3rftèbleacti￿tIe5 315 fA>5 14,999 1647 2L￿j Z4929 L070 2LIYJ 18314 20.￿1 &rn 19.144 Fundsbrowiforward i61.￿ 38LU5 545,9 463,223 171535 93.Fa> S45.991

PADDiE sTEA￿ER KINGSWEARCAmETRiJsfuMtrEiI 8alanreSheet At31¢X-thber 1023 October 31 Ortob2r 2022 TangibleAssEts 954.962 818,148 CurreniAssets DEbtors Cash èt Bankand inhand li 17.474 L46.169 163,643 3V,520 502.320 532,840 Credhors: ANK)untsdue wiOunonE)tar 1121.7481 1373.2751 Netcurrent èmets 41.895 159,565 NetAssets 996.B57 977,713 TheFundsofthe Cha Sharecapital 57 57 Unre5tdrted IncomeFwwJs 17L53S 164,756 Re5trirted IncompFunds 393.EOJ 38L23S other reser¥e 451￿65 431,665 Totalth&rityFunds 956,857 977.713 TheiFu5tee5 are5ac￿rIed thatfhecompany Is entttled to exenwthn from ￿ requvernenttoobtain anaudlt undersecdon 477of the thmpanies Act 7W6relavn8 rosmall companles. Themembers havt not requirEdthe tornpanyto¢)btsknan a￿•1 in aCCwdar￿1thSeC0tsrt476￿f￿ ACL The trustee5 acknD¥AedgE theirrespon￿￿IirI¢51Or(orWl￿¥JYth the requirements dthEC¢xnpènie5Aci 2f*)6wlth respectto acttsuAtinwrecDrdsand thEpreparaiion of accovThts. The accounts ha¥e been kvepared In actOtdancè￿thè￿FitS￿ ￿ Part IS of th? coMpan￿ArtI￿6 appli￿￿￿ tocompanie5 subjecttothesrnall companlesreglme. Thefinantlal statÈmertts ¢n page$ 7t0 12wereapprg%Yd Board of T￿￿ee50nd a￿h0rttedf￿rl$sUe 2 M4rth 2024and were 5iÉnedon itsbehawbv.. Chaiman- egoran Companyregi5tered number. CQ755216

ForthEytsf•b¥J•d 30Awll 1013 Theflnanttal ststeffentsh￿t￿ prepared in KI(￿r￿eSth AcctyjntinEa￿I Refftn8tyChaiib&' Ststementof R￿0mmended pr4cbceap￿lCab￿tocha￿ltIes prepBrin8lheSraccounts in acto￿ants￿ Finandal RerrinÉStandard awkable inthe UX and Republicof Ireland IFRS 1021 leffecti4t iJanuary2015I-CharfdÈsSORPIFAS 10211.the Flnandal Reportln8Standard appllcat4ein theUKand RewWtollrelatsJ(H6102land 0c￿par￿esAtt￿. ThefinandalststementsartweparEdonthe h￿or￿al CO51b￿0f1c¢￿Wth￿& nb>Sfledth 1ndthJethe￿d1u8U￿tsf PSKin8SwearCasUe (note 101. Tan￿b￿fiMed wetsare #ated atcaoorw4luati Thetiusteesare 0fthe0plnhinthatt￿Cuts￿tMarke1V&lUeoftl¥￿Sd Isataythat(apitalised. The vessel Isunder80in8a maj¢rrefitandthEC05tsto31 Ctober2023are¢s(WinNOtelQ The refitcostsare be1Tr8 deprecLited ¢¥er 25yeats. 4XstrJthttsne. The machlneryandequipwtfrryv Pscoryton ca￿e areth5d05edatthelrwr£hase fv in 2015.Ilse iterrffjarEnot belngused andarenot5ublecttowearandtear, c0nsequentynodepre0ati.￿ hasbeen p￿ded. Donatlonsare credited ￿ thestat¥neDtLrffiTrancI￿￿ctMUesththe￿wr￿¥jhkhthe¥a￿ recei¥td. Chart Inwrne 1$xu￿0 f0rtheytowhKh￿re￿eL1n£affie re￿ngth re#rktedfvndsisseparateIydL￿. In¢orre from c5 L<reC￿l$ed atthe eart￿rofknÈdltQ0nlhK￿ethr.th￿th¥rfty LEawarethat probe has ten Èranted.theestatefina115ed and nobfKatknn rete￿ed tythe charitythata Lli5tritxrtwJn will bell￿decI has been rece￿d. Receiptofa lew, inwhde or in part. isontyconydered kYobabwherstheamDunt can be Resourcesexpended ate rttoBnised whena IL?￿1￿ ts ￿n￿rre Costof 8eneraiin8funds arEth05e(05ts1ncurred In 3ttrath￿￿UMary1nCOffle. Chariiable athbibes ihdude5 r￿A)UrceseXpendeda￿￿iJled￿iththerrA1n￿ar￿o1ps￿nYwearcasU& equipmentand &ny5UPPCrt Co5tsassodated￿thtsseJCth GO¥errn3n￿CDst51nclUdeth0IncYtse￿ ihthegwh8r￿olthethrfv3￿dItsa5Setsafy￿are￿rnarf UnrestrirtedfundSa￿defirted astrtnts.Sprn¥4￿Pand OllTirthnrttE￿d L¥Ben￿2dfortheLjjELtrYS of t1￿Charl￿W￿0utfurtherspec￿fied purp05eand whkharewnitsbleasgeneralfuTrJ& Restrfctedfund53reto be u￿fOr5rth purwsesa5kh4d￿vn ￿thedon￿. whkh meèts these crtterfa, wlll be klentffied tothefvnd.

8elO FOrth•￿•re￿￿Éd 310ctobRr2023ICtyrfirwJl Donètions Don3tlons-Pmal GIft￿O PSPSWe55ex & DartbTrnth P5PSGrdnt LeBa¢yintome 17, 1249 17 1249 55357 IIA 7,119 Ll(¥) LIQ) 26A 27 91 76397 18mon Cth8rtwFee Mtstdlaneoussa￿s 11794 21,971 7Y 794 1Trtere5treceh￿- HM Treasury Interettrewed. Other 2,561 s,1 5,115 tdprnth¥funds Prkntlnl Postoffbcebox 315 315 iyj 2LIYJ Travel eX￿7￿eS PrembÈs- Chatham Consultancy Website Ii,LL¥J 239 .199 26,929 14,999 Attountanty Bankcharyes Paypal charyes Insurdnce MaritlmeTru5t Fllln8foÈ 1285 163 74 74 270 13 i.on> 13 13 647

p•g• li Company ts a rw5tered tharftyand isexeTh￿fromtr￿?t￿￿￿￿ssasTyU￿CI 198& Theconynyls reosteredtrValueAd¢bed Tax. The char5tyis run byseyenwlunteers, whDarethetN#ee%and has ￿ Th￿b￿50fStrff. Oretrueels ew8ed as3 tonsuttantlNote131. Reasonablèand rte55JryQUtolpxket expensesare rM￿r5edWhere conskleredapwowlate. Expenses reimbursed ir1thefwi￿I wt£Nil12022-£NS11. 10 Tanglw Flx•d As•0ts Atl November2022 Additbns Rdaluatioh At31 ottotser2023 4351)￿ m.972 11176 81&148 15&013 176 976,161 Atl No¥ember2022 Depreclatlon At31 Oclober 2023 21,19 21,199 954,961 371 71 81&148 PSKlngswear castlewasyal￿o at £435.(V)in ￿. Other mathinery representsthe enwne and a>%¢tiatrJequ4)Wlmm PSCwrtontathlg5tershlp of￿nIs*e￿r C35Uel purthased In 1015. li other[￿Or$ A23 13,423 3,721 330 1.1 330 Taxatlon-VAT 17,474 30.520

Nrte5totr siat•merts 20 Tradecre(lftors Prnyllon forlefftcoks O¢her¢redltrKsandatUu 12QW llO,998 371,972 1,303 110,998 12L748 373,275 FuTrJsofthE Ch•rlly Lln At l May2021

j￿1U5f0rthe perfod ethled31(ktobErZ02Z At3l0ct￿r 2022 SurplusforthtyeareThJed31 ouober2023 Af310tt00er 2023 Iwii ao1712 463.223 4.245 78523 81768 164.ts6 381.235 S45,991 11365 19,144 171535 393.￿￿1 S&5.135 431 57 8Y,945 82.768 977.713 19,144 996S7 431,665 57 431h65 57 UnUI 30Awl 2021 restricted lu¢th rektedWtOluNtstran￿erredfrumthepadd￿steaMEr Preservth knetylPSPS1 In 2014. Thtyhad bÈen rinÉfen¢ed inthe P5P5fOrmaihtenancew￿0rt PS ￿n￿S￿reaS11￿4ThOthenlran5lerred toPSKcf. tknatians rece1Tr￿ In respect ofthe'2023 Rebulhl. ha¥e beenlnduded.IweoaDM ofthe nWi0rrefft￿k￿ ￿￿￿arcaS￿e aredebttedto Otherreserve5 r￿atrIOther￿aluthn rAP5￿n￿r(3￿￿1￿x[e Shaocapitsl rewe5ents55EI sharesae wualfu1typ3￿:and 11 £lthare515sued 1Sppart pak1. (knetru5tee recd%d ConsUhar￿f￿Or￿M0nthe￿wrended3l October2023I£IIXn). 18mDnthsended 30¢xtrber30221. Thlsrdatesto SÈThiCÈS bÈwndthe dutsofatrustse. in connection whhtÈthnKal and re8ulatory Swesand 15alsonwlth Klnwr cast￿'sChorter￿rkThefet$èrt6pprMd in aCcordan￿￿fthpJraY3￿9Ol￿(On￿¥[￿5MnKleS0fASsLKIthn. TheTn￿tre￿tsI ￿lkI1n8fWthechath8￿ Hl5toritikKkyardTnJstonanannu￿ baslL Therebwjforn￿lleaSe. 16 The rnaJDrfty5harehdderOftheTrust￿the Padd￿ eamerPreser￿&Xiety1p5pS11(lr￿y￿u￿bErZ16785Y1Whth hold555 shares0ftheÉ61ss￿d IWAK